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98 Million Americans Say They Overspent This Holiday Season

98 Million Americans Say They Overspent This Holiday Season - Featured Illustration

Millions of Americans got carried away playing Santa for friends and families this holiday season.

That’s the bottom line from a January 2020 survey conducted by WalletHub. About half of the big spenders say they have regrets about at least one of the gifts they bought.

WalletHub says millennials are three times more likely to show remorse about holiday purchases than baby boomers.

About 56% of holiday debtors say they intend to pay what they owe by the end of January, while 17% don’t expect to get out of debt before April.

Mobile devices are at least partly to blame for holiday shopping debt, suggests a Salesforce eCommerce study. Mobile was 2019’s top shopping channel, driving 80% of digital traffic and 65% of digital orders on peak gift-buying days. The report reveals that America’s digital spending increased to $723 billion this holiday season – 8% more than last year.

Holiday shopping kicked off early this year as brands generated buzz ahead of Cyber Week, the shopping period that commences the Monday after Thanksgiving. Digital traffic and digital orders grew by 13% and 9% over last year. Global digital revenue totaled $143 billion, a 15% year-over-year increase.

Analysts say artificial intelligence played a huge role in driving additional revenue in retail. About 10% of all digital orders were a result of AI-powered search.

Retailers offering click-and-collect shopping on their eCommerce sites told Salesforce they recorded an increase of 56% more active shoppers in the days before Christmas.

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About author
I. Mitic

For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.

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