2013 Christmas Canceled? Survey Finds 63% of Shoppers Haven't Saved a Penny

New data from GoBankingRates.com shows most Americans haven't budgeted for holiday gifts, while 40 percent plan to refrain from spending this season.

Nov 05, 2013, 07:00 ET from GoBankingRates.com

LOS ANGELES, Nov. 5, 2013 /PRNewswire/ -- According to recent GoBankingRates.com polls, more than 63 percent of respondents didn't allocate any savings toward holiday gift buying. Additionally, more than 40 percent of respondents said they would not be buying holiday gifts this year at all.

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To see study details, go to http://bit.ly/1dzxIT3.

"While it's unfortunate so many shoppers are putting themselves at risk of starting off the new year in debt, what's really surprising is how many people said they're not buying gifts at all; it's not just the young and broke – it's people with children and grandkids, too," noted Casey Bond, GoBankingRates.com managing editor.

"Recent fiscal turmoil in Washington may have suppressed optimism for holiday consumerism this year. However, I would argue that consumers are being overly-optimistic about their ability to resist holiday shopping," Bond added.

Survey Questions, Answers and Results

"How much money did you save for your holiday gift shopping?"

  • "Over $1,000" (11.6%)
  • "Between $500 and $1,000" (7.9%)
  • "$500 or less" (17.1%)
  • "None" (63.1%)
  • "Other" (0.3%)

"How much do you plan to spend on holiday gifts this season?"

  • "I'm not buying holiday gifts" (40.3%)
  • "Less than $500" (37.4%)
  • "Between $500 and $1,000" (14.6%)
  • "Over $1,000" (7.8%)

Additional Findings

Holiday Savings:

  • Respondents in the West reported saving the most money for holiday shopping, whereas respondents in the South reported the least savings.
  • At least 50 percent of respondents from each income level (ranging from $0 - $24,999 to $150,000 +) reported no holiday savings.

Holiday Spending:

  • Males were more likely than females to report no plans to buy holiday gifts. However, male respondents more often stated that they would spend "Over $1,000" than females.
  • Respondents living in heavily populated regions most often reported no plans to buy holiday gifts at 43.8 percent.

For detailed analysis, go to  http://bit.ly/1dzxIT3.

The survey was executed by Google Consumer Surveys and can be seen in its entirety at http://bit.ly/1bTFUvg.  

About GoBankingRates.com

GoBankingRates.com is a personal finance website that connects consumers with the best interest rates nationwide. Its editors have been featured on several top media outlets, including U.S. News & World Report, Yahoo! Finance, Forbes, The Street, Huffington Post and more.

Connie Lundegard
310.297.9233 x112

SOURCE GoBankingRates.com