With the holiday season around the corner, there are many holiday spending statistics from previous years that may be useful to know. For example, knowing what other people are shopping for can help you choose gifts that won’t run out of stock. And gauging how much other shoppers are spending can help you estimate how much you may want to spend. 

For those who don’t just give money for the holidays (maybe you give moments instead), these 25 holiday spending statistics can give you a look into what you can expect while holiday shopping this year.

Holiday sales statistics

Knowing what gifts people are spending their money on can help you make a decision when doing your shopping.

1. Holiday sales are predicted to reach at least $834.4 billion between November and December 2021. (National Retail Federation)

2. 2021 holiday sales are predicted to increase between 8.5 and10.5 percent over 2020 sales. (National Retail Foundation)

3. Shoppers plan to spend an average of $998 on holiday purchases this year. (National Retail Foundation) 

4. 56 percent of consumers hope to receive gift cards as a gift this holiday season. (National Retail Foundation) 

5. 32 percent of all gift card purchases this holiday season are expected to be for restaurants. (National Retail Foundation)

6. LEGO and Barbie have topped the list of the top children’s toys for boys and girls, respectively. (National Retail Foundation)

7. Going into the 2021 holiday season, there is a 172 percent increase in out-of-stock messages. (Adobe)

This year, more products are out of stock than usual due to supply chain issues. Plan your purchases ahead of time, if you can, and be flexible with gift ideas if you can’t find exactly what you are looking for.

Holiday shopping behaviors

Every year, companies track the shopping behaviors of consumers to better understand what they’re looking for and what they’re worried about. Knowing and addressing consumer concerns is the best way companies can keep you happy.

8. 75 percent of holiday shoppers are concerned about products being out of stock. (Deloitte)

9. Almost 70 percent of consumers expect prices to increase this holiday season. (Deloitte)

10. Social media influences the holiday purchases of more than 80 percent of younger consumers, including millennials and Gen Z. (McKinsey & Company)

11. 62 percent of consumers were unable to purchase at least one item on their shopping list due to shortages. (McKinsey & Company)

12. 61 percent of consumers said they plan to purchase from local and independent retailers. (FedEx)

13. 65 percent of shoppers prefer to buy from companies that practice sustainability. (FedEx)

14. 91 percent of shoppers admit to making their holiday purchases at the last minute. (Inmar)

Understanding holiday shopping behaviors can also help you avoid any crowds and make your purchases on time—if not for this season, then for the next!

Online shopping statistics

Over the past few years, online shopping has grown exponentially as more consumers choose to do their shopping from home.

15. This holiday season, 74 percent of consumers plan to shop both online and in stores. (NPD)

16. 73 percent of consumers select standard delivery when shopping online. (Deloitte) 

17. 57 percent of consumers plan to make their purchases online this holiday season. (National Retail Foundation)

18. Cyber Weekend spending is expected to account for 17 percent of online spending during the holiday season. (Adobe)

19. 2021’s Cyber Monday will be the biggest day of spending in U.S. history, up 12.4 percent from last year. (eMarketer)

20. 61 percent of online purchases were made from a computer or tablet in November 2020. (FedEx)

21. Total online holiday spending reached $188 billion in 2020. (FedEx)

Remember, as more people choose to shop online, the number of in-person shoppers will naturally decrease. Doing your shopping at a retail store may end up being the best option for you.

When consumers are shopping

Every year, it seems like consumers are beginning their shopping earlier and earlier. As more shoppers are concerned about shortages and out-of-stock products, holiday shopping has been inching its way even earlier into the year.

22. Just under half of shoppers took advantage of deals by doing holiday shopping before Thanksgiving. (National Retail Foundation)

23. Almost 2 million more people are predicted to shop from Thanksgiving to Cyber Monday in 2021 than in 2020. (National Retail Foundation)

24. 61 percent of shoppers have started their holiday shopping by early November. (National Retail Foundation) 

25. Sales in the period between November 1 and Christmas Eve are predicted to increase by over 7 percent from 2020. (Bloomberg)

Based on these statistics, you may have noticed that a majority of shoppers have already started their holiday shopping, but there are still many who wait until the last minute for their purchases. Holiday shopping can be unpredictable, and that’s why starting as early as possible—and assessing your and your family’s needs and wants—can prevent future headaches.

Don’t forget that credit plays a large role in your holiday shopping. Purchases made with credit cards can affect your credit, both negatively and positively. If you’re looking to rebuild or prevent any future issues related to your credit, our credit education resources can set you on the right path.

Reviewed by Elizabeth Whiting, Credit Consultant and Associate Trainer at CreditRepair.com.

Elizabeth Whiting started with CreditRepair.com in the summer of 2018 as an inbound member services advisor. Recognized several times for her outstanding performance, she quickly advanced within the company. Her genuine desire to help people blossomed into joining the learning and development department as an associate trainer in the late spring of 2020. As an advocate for other’s success, Elizabeth promotes self-development with her internal peers though education, encouragement and support. Utilizing her credit expertise, she has empowered numerous consumers to continue to work towards resolving difficult credit situations and strive to achieve a lifestyle of greater opportunity.

Note: The information provided on CreditRepair.com does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only.

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As is the case with every facet of consumer spending and credit card usage, credit scores have changed during the COVID-19 pandemic. Because of how long this pandemic has lasted, many people became unemployed or started working fewer hours to accommodate the temporary shutdowns that took place in many industries.

As a result, a large percentage of consumers were bringing in less income. By having access to less income, it’s possible that credit scores would drop significantly as a result of late payments or foreclosures. On the other hand, people could be more cautious about spending too much of their money. The following guide looks at the types of effects the pandemic had on credit scores.

How Credit Scores Have Changed During the Pandemic

When looking at FICO credit score data from Experian, this data indicates that the average credit score has increased throughout the pandemic. At the beginning of 2020, the average credit score in the U.S. was right around 703. This average score had increased to 711 by the end of 2020 despite the impact that the pandemic had on household finances. Another credit-scoring model called VantageScore also saw an increase of four points in average credit scores between 2019 and 2020.

Even though VantageScore was created by TransUnion, Experian, and Equifax as an alternative to FICO, it isn’t used as widely. The average score for VantageScore at the end of 2020 was just 690. The difference between VantageScore and FICO is that VantageScore generates scores from a larger population and doesn’t require up to six months of credit usage to generate a score. Throughout the pandemic, more Americans have risen above the subprime VantageScore category, which involves any score from 300-600. In January 2020, over 25% of all consumers had subprime scores. These numbers fell to 23% by the end of November 2020, which indicates that credit scores are increasing.

How Consumers Benefit From Lender Accommodations

One of the reasons that can explain the increase in credit scores during the pandemic is that many consumers have benefited from lender accommodations while the pandemic is ongoing. Most of the consumers who were able to get out of the subprime credit category did so because of these accommodations. Many credit card companies and lenders worked with consumers during the pandemic to reduce minimum monthly payments and delay payments altogether.

As a result of a provision that was included in the CARES Act that was first passed in 2020, lenders must report accounts that have accommodations as being “paid as agreed” or current as long as the borrower adheres to the details of the arrangement. With this level of protection in place, consumer credit scores wouldn’t drop unless preexisting delinquencies caused a drop.

Despite the protection, however, consumer credit scores haven’t been entirely frozen. Once Congress or President Biden terminate the national COVID-19 emergency, any provisions in the CARES Act will only remain in place for 120 additional days, after which lenders could request full repayment.

How Consumers Paid Down Debt

Another reason that the average credit score has increased during the pandemic is that many consumers have paid down some of the debt that they owe. They were able to pay down their debt because of the stimulus payments and increased unemployment benefits. Since Americans weren’t dining out or traveling as much during the height of the pandemic, only a smaller portion of credit limits was being reached by consumers.

According to a consumer credit review by Experian, consumers were able to cut credit-card debt by nearly 15% in 2020, which invariably helped increase credit scores. Credit-utilization rates also dropped by around 3.5 points between 2019 and 2020. Keep in mind that many consumers have extra cash in their bank accounts because of a repayment pause for certain student loans that lasts through September 30 as well as mortgage loan forbearance for any loans backed by Freddie Mac or Fannie Mae.

Will These Changes Last

While many of the changes that have occurred during the pandemic should help Americans better understand how to manage their credit scores and handle their finances, most of the protections that helped facilitate an increase in the average credit score will go away towards the end of 2021 and into 2022. For instance, there’s very little chance that people will continue to receive high unemployment benefits and stimulus checks in the future, which will make it more difficult to pay off debt.

To prepare for the end of these protections, it’s important to take steps to improve your credit and reduce debt, which will pay dividends in the future. Two easy methods for improving a credit score include keeping credit utilization below 30% and making payments on time. Paying off an entire credit card balance can increase credit scores as well.

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