Last minute Christmas shoppers outspent consumers who shopped earlier: Report12/23/2020
USPS struggling to keep up with holiday shipping demand
President-elect Biden vows to increase funding for USPS despite it losing nearly $9B this past year. FOX Business’ Grady Trimble with more.
Last-minute shoppers are likely to spend big for Christmas presents, a report from LendingTree suggests.
Continue Reading Below
Analyzing 29,000 anonymous transactions from 2019, the personal finance firm found that last-minute Christmas shoppers spent anywhere from $96 to $266 on average between Dec. 23 and Dec. 24.
Across 10 store categories, procrastinating gift-givers reportedly spent the least at department stores and the most at outlets.
AVERAGE AMERICAN SPENDING BETWEEN $1,000 – $2,000 ON HOLIDAY GIFTS IN 2020, RESEARCH SHOWS
Compared to consumers who bought their Christmas gifts earlier, the last minute crowd outspent them, according to LendingTree’s findings.
Florists and outlet stores saw the largest spending difference between the two groups. Normal December shoppers spent $97 for holiday flowers on average versus last-minute shoppers who spent $219 on average. Meanwhile, normal December shoppers spent $140 at outlets on average versus last-minute shoppers who spent $266 on average.
CHRISTMAS SHOPPING: AMERICANS SPENDING SLIGHTLY MORE ON GIFTS DURING PANDEMIC, POLL SUGGESTS
The trend continued in 8 other store categories LendingTree analyzed, including pawnshops, hobby and collectibles, arts and crafts, children stores, computers and electronics, beauty products, digital purchases and discount stores.
When it comes down to which items last-minute shoppers flocked towards, sporting goods were the most popular with sales between Dec. 23 and Dec. 24 up 194% more than the monthly average. Toys were a very close second at 193%.
IN COVID AND CHRISTMAS 2020, CONSIDER THESE 6 TIPS FOR GIFT GIVING DURING THIS SPECIAL YEAR
Rounding out the top 5 were cards and stationery up 164%, jewelry and watches up 151% and furniture and home décor up 137%.