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Holiday Spending Plans: Insights from O1ne Mortgage

As the holiday season approaches, many consumers are gearing up for increased spending, travel, and festivities. At O1ne Mortgage, we understand the financial pressures that come with this time of year. Our recent survey of 1,216 consumers, conducted on November 26, 2023, provides valuable insights into holiday spending plans and sentiments.

Most Consumers Plan to Spend This Season

While not everyone engages in holiday shopping, the majority of consumers do plan to spend. Our survey revealed that 1 in 6 consumers do not intend to spend any money on holiday shopping this year. This trend is more pronounced among households with annual incomes below $50,000, where 21% are opting out of holiday spending, compared to just 11% of higher-income households.

Budgeting for the Holidays

Creating and sticking to a holiday budget can be challenging. Despite this, most consumers aim to keep their holiday spending at or below $500. However, nearly a quarter of respondents plan to spend between $500 and $1,000, and 18% expect to spend more than $1,000.

Payment Methods: Cash, Credit, and Buy Now, Pay Later

When it comes to payment methods, 75% of survey respondents plan to use cash for at least some of their holiday purchases, while 56% will rely on credit cards. Additionally, 15% of consumers intend to use buy now, pay later plans to finance their holiday shopping.

Consumer Sentiments About Holiday Shopping

Despite the hustle and bustle, most consumers have positive associations with the holiday season. Feelings of gratitude, festiveness, and cheer were more common than anxiety, stress, and panic. However, many respondents reported mixed emotions, with some expressing both excitement and concern about their financial situation.

At O1ne Mortgage, we are here to support you through the holiday season and beyond. If you have any mortgage-related needs or questions, please don’t hesitate to call us at 213-732-3074. Our team is ready to assist you with confidence and expertise.

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