As the holidays approach, so do the anxieties about buying the right gift for everyone on the list. Credit card debt climbs and the constant push for consumers to buy, buy, buy has shoppers reeling. It doesn’t take a lot for shopping addicts to get themselves into sticky situations with credit cards and bank accounts that just can’t withstand their spending habits. Oxygen Media, the company behind the women-centered television channel, has released a new television show just in time for the holidays called “My Shopping Addiction” that chronicles the lives of young people in financial crises because of their shopping habits. The show airs on Mondays at 11pm ET/PT. In a partnership with Research Now, Oxygen Media has also conducted surveys on the spending habits of United States men and women around the holidays. The results were quite astonishing.
Research Now is a digital data collection provider that worked with Oxygen Media to determine the spending habits of Americans during the holidays. According to the study, Americans spend more during the holidays than at any other time during the year. Interestingly, even with the knowledge of the current economy, they also expect to spend the same amount or more this year than the previous year. Forty-seven percent of Americans spend more than they can afford during the holidays and thirty-seven percent admit that they have gone into credit card debt shopping for gifts.
Some of the statistics of holiday shopping are quite startling, like the fact that more than half of Americans spend at least $500 or more and a quarter of Americans spend at least $1000 on gifts. Eighty percent of Americans also feel obligated to purchase a gift for someone who has purchased one for them. The study also revealed a significant difference between men and women in relation to shopping habits. For example, women spend more on children, friends, co-workers and service people than men, although men do spend more money on significant others and parents. Women are thriftier, with eighty percent purchasing items that are on sale compared to sixty nine percent of men. Men also prefer to purchase things for themselves rather than others.
As a result of this study, Oxygen Media came up with some tips for shopping during the holidays to battle shopping addiction and credit card debt.
Holiday shopping doesn’t have to break your bank or test your sanity. Utilizing these simple steps and keeping yourself in check will help the holiday be a stress- and debt-free time of year.