Christmas is only a week away, but even shoppers who have not yet finished buying their gifts are looking beyond the holiday to when they plan to return (or pass along) presents, buy gifts for themselves and start chipping away at their credit-card debt. A survey conducted earlier this month by Consumer Reports National Research Center indicates that there will be a rash of last-minute and post-holiday shopping this year. And some consumers expect it to take months to pay for their largess.
Christmas countdown
Nearly one-quarter of consumers (24 percent) anticipate not completing their holiday shopping until December 23rd or later and one in 10 don't expect to be done until Christmas Eve. Five percent of respondents plan to finish their gift shopping after Christmas—compared to the 19 percent who are already done.
When they shop, those surveyed say they patronize such mass merchandisers as Target and Wal-Mart, pay cash and watch their spending. Holiday shoppers intend to give an average of 13 gifts this season, down one from last year. They expect to spend an average of $763 for those gifts with only 16 percent of shoppers saying they plan to spend more this year than last. More than half plan to spend the same and 29 percent plan to spend less.
Efforts to keep spending in check may account for the increase in respondents—53 percent compared to 46 percent last year—who say they find their best deals at mass merchandisers. Since last year, expectations of getting deals have fallen for every other category of retailer including department stores (Macy's, Sears), discount stores (TJ Maxx, Marshalls), online retailers, outlet stores and big-box stores (Sam's, Costco).
This year most shoppers are opting to pay cash for their purchases—79 percent. Use of credit cards has fallen from 48 percent to 45 percent. And fewer folks are using debit cards—40 percent compared to last year's 46 percent.
Online deadline
With shopping and shipping days waning, some consumers still plan to make online purchases. Of those, 95 percent expect to wrap up their purchases by December 22. After this date, problems with gifts arriving in time for Christmas are more likely. Still, four percent of online shoppers admit their shopping will slip past the 22nd.
Nearly a quarter (24 percent) of last-minute online shoppers will pay extra for expedited delivery, a decrease from last year when 31 percent of shoppers paid the extra cost. And 42 percent of online shoppers said they order items they had not intended to buy to qualify for free shipping offers or other discounts.