LendingTree Holiday Spending Report Analyzes Last-Minute Shopper Trends

Rhea-AI Summary

LendingTree analyzed over 29,000 anonymized transactions to explore the spending habits of last-minute holiday shoppers. Key findings from 2019 reveal that sporting goods and toys were the primary purchases, with significant spending on outlet stores, averaging $266 on Dec. 23 and 24. Florists experienced the highest spending increase, with average purchases of $219, double the usual December spending. On Dec. 24, shopper numbers soared by 20% compared to other Tuesdays in December. Additionally, a survey indicated that 31% of consumers expect to incur holiday shopping debt this year.

Positive

• Significant interest in spending at outlet stores, averaging $266 on Dec 23 and 24.
• Florists saw a notable increase in average spending to $219 during last-minute shopping.
• 20% increase in shopper numbers on Dec 24 compared to typical Tuesdays.

Negative

• 31% of consumers expect to incur holiday shopping debt, signaling potential financial strain.

CHARLOTTE, N.C., Dec. 21, 2020 /PRNewswire/ -- LendingTree® analyzed data from over 29,000 anonymized transactions to track spending habits of last-minute holiday shoppers in the week leading up to Christmas in 2019 to better understand what last-minute shoppers where buying and how much they were spending. Additionally, LendingTree will update the report to reflect 2020 trends for last-minute shoppers this Holiday season once the data is available.

Key Findings:

• Sporting goods and toys were at the top of last-minute shoppers' lists in 2019. On Dec. 23 and Dec. 24, the number of sporting goods and toy shoppers were 194% and 193% higher, respectively, than the monthly average.
• Shoppers spent the most at outlet stores during the last-minute gift-buying rush. On Dec. 23 and Dec. 24, 2019, the average shopper spent $266 at outlet stores. Spending at jewelers and watchmakers was next, averaging $231 a purchase during the two-day period.
• Compared to average spending in December 2019, florists saw the biggest spending increase among last-minute shoppers. The average spent at florists on Dec. 23 and 24 was $219, more than twice the usual December spend of $97.
• The number of shoppers on Dec. 24 (a  Tuesday) was up 20% compared to the other Tuesdays that month — the highest of any December day in 2019. Up next was Dec. 23 (a Monday), where the number of shoppers was up 10% compared to the other Mondays that month.

In an earlier survey, LendingTree found that while 25% of consumers already finished their holiday shopping as of October 2020, another 19% said that they typically  wait until the last minute to shop. Additionally, nearly a third of consumers (31%) expect to go into holiday shopping debt this year. Among those who were laid off or furloughed because of the pandemic, 47% expect to go into holiday shopping debt compared to 18% of those who did not their income impacted this year.

For the full report and updated last-minute shopping data (which will be published after Christmas), please visit: https://www.lendingtree.com/debt-consolidation/lendingtree-holiday-spending-report/.

About LendingTree 
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, customized recommendations to improve credit health, and notification when there are opportunities to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC, is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Megan Greuling 
704-943-8208 
Megan.greuling@lendingtree.com 

 

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SOURCE LendingTree.com

FAQ

What were the key findings from LendingTree's holiday spending report for 2020?

LendingTree found that sporting goods and toys were top purchases for last-minute shoppers, with significant spending at outlet stores.

How much did shoppers spend at outlet stores during last-minute shopping in December 2019?

Shoppers spent an average of $266 at outlet stores on Dec. 23 and 24, 2019.

What was the increase in the number of last-minute shoppers on December 24, 2019?

The number of shoppers on December 24, 2019, increased by 20% compared to other Tuesdays in December.

How many consumers expect to go into holiday shopping debt in 2020 according to LendingTree?

31% of consumers surveyed expect to incur holiday shopping debt in 2020.

What is the significance of lendingTree's holiday spending report for investors?

The report highlights consumer spending trends that could impact LendingTree's financial performance and stock outlook.