New Survey from Coinstar Reveals People Anticipate Going $140 Over Budget for Holiday Gifts
/PRNewswire/ — A new holiday shopping survey, released today by Coinstar, found that 62 percent of Americans who set a holiday budget go over their limit by an average of $140. This marks a 20 percent increase from what people estimated they would overspend last year.
In order to buy gifts for everyone on their list, 66 percent of shoppers find they need to cut back on things they enjoy like dining out (43 percent) and entertainment (42 percent), or even take on credit card debt (27 percent) or purchase an item on layaway (22 percent). Not only do people have to sacrifice before the holidays, but this overspending leads to post-holiday money issues, too. Americans reported they find themselves saving less money (20 percent), having to set a budget (19 percent) or dealing with debt (18 percent) in the first few weeks after the holidays.
“The holidays can be a stressful time of the year, particularly when it comes to money,” said Andrea Woroch, a nationally recognized consumer and money saving expert. “Fortunately, there is hidden money throughout most homes in the form of coins and gift cards that can help people avoid taking on debt because of their over-spending.”
Coinstar offers two options to help people instantly turn the coins and gift cards they have around the house into cash so they can keep their finances on track and enjoy themselves before, during and after the holidays.
- The green Coinstar® kiosks make it simple for consumers to convert coins to cash or no-fee eGift Cards. The majority of survey respondents (88 percent) estimate they have $29 in spare change, but Coinstar’s own nationwide kiosk data indicates people cash in an average of $62 when they convert their coins to no fee eGift Cards – more than double what survey respondents believed they had. With approximately 17,000 locations in the U.S., 91 percent of the population lives within five miles of a Coinstar kiosk, making it easy and convenient to cash in coins.
- The bright yellow CoinstarTM Exchange kiosks offer instant cash for consumers looking to sell gift cards. According to the National Retail Federation, 58 percent of people would like to receive a gift card during the holidays, but Coinstar’s survey revealed 37 percent of people haven’t used the gift cards they have received as holiday gifts in the past – leaving extra cash sitting in their wallets and drawers. Coinstar Exchange kiosks are conveniently located at grocery retailers in major U.S. cities.
Additional survey findings include:
- Credit card use grows: Gifters are nearly 20 percent more likely to use credit cards instead of cash or gift cards to pay for their holiday gifts this year (49 percent in 2015 vs. 41 percent in 2014).
- Budgeting needs for the younger crowd: More than twice as many people ages 18-34 admit they need to set a budget after the holidays when compared to people over the age of 35 (30 percent vs. 14 percent).
- Millennials are making sacrifices: Eighty percent of people ages 18-34 admitted to needing to make trade-offs to ensure they can purchase gifts for everyone on their list, while 47 percent of people that age need to use credit cards to pay for their presents.
To learn more or locate the nearest Coinstar and Coinstar Exchange kiosks, go to coinstar.com/kioskfinder. For additional survey findings or to request high-resolution images, b-roll of Coinstar or Coinstar Exchange kiosks or a holiday infographic, please contact [email protected].