TD Bank Holiday Retail Report Finds the Average Holiday Shopper Will Spend $530 This Season

Two-thirds of Americans will not finance any of their holiday purchases

MT. LAUREL, N.J., Dec. 6, 2018 /PRNewswire/ -- Every year consumers flock to stores with one goal in mind: finding the perfect presents for their family, friends and colleagues. This year, holiday shoppers are eager to find the best deals, with 60 percent planning to compare prices online before purchasing. However, 66 percent don't plan to finance any of their holiday spending, missing out on potential discounts and rewards.

TD's survey of 1,000 Americans found that the average consumer will spend $530 on holiday shopping this year, with the top gift categories being gift cards (28 percent), technology/gadgets (25 percent) and clothes (19 percent).

Show Me the (Rewards) Money
Despite the potential to earn rewards when shopping with a credit card, most Americans plan to shop with a debit card (36 percent). Fewer will use credit card (34 percent), check (17 percent), store branded credit card (7 percent) and in-store financing options (4 percent).

  • Those who plan to finance all or some of their holiday shopping will do so with a bank-offered credit card (71 percent), a store credit card (57 percent) or a store-backed payment plan (39 percent)
  • Ninety-six percent of Americans who financed holiday shopping in the past paid it off within a year, including 33 percent who paid it off immediately and 24 percent who paid it off within the first month after making a purchase
  • Respondents were most likely to pursue financing for their holiday shopping if doing so offered them significant savings (61 percent)

"Today's shoppers are more savvy, with higher expectations than ever – they're comparison shopping, engaging in retail loyalty programs, searching for discount and coupon codes, and taking advantage of financing programs that allow them to make budget-friendly payments over time," says Matt Boss, Head of Credit Cards and Unsecured Lending at TD Bank. "We also know that they're leveraging credit cards to earn rewards for their purchases. For retailers who offer consumers the option to complete a significant portion of their shopping in one place, this is a smart strategy to appeal to penny-wise shoppers who like to earn some dollars back for their spending."

Have Yourself a Merry Little Shopping Experience
In a world with an infinite number of options, today's holiday shoppers are brand loyal, and value variety and customization over anything else. That said, Millennials are more likely than Gen-X to stay loyal to the brands they favor year round during holiday time (45 percent vs. 21 percent, respectively). The two most important features when deciding where to shop were variety of products (46 percent), discounts offered (41 percent).

  • Holiday shoppers will take advantage of various retailers including online (80 percent), big box stores (72 percent) and local shops (53 percent)
  • The trends most likely to pique shoppers' interests are customized coupons (37 percent), discounts via geotargeting (35 percent) and enhanced shopping atmospheres (22 percent)
  • Eighty-five percent of Americans are somewhat or completely loyal to the brands they shop all year around during the holidays
  • Thirty-nine percent of shoppers have purchased an item from social media advertising

"Rewards programs help increase customer engagement – who doesn't like receiving bonus incentives or perks for being a loyal customer?" continues Boss. "Further to that, our data shows that holiday shoppers have financed responsibly in the past, which has led retailers to offer increasingly innovative financing options that provide consumers with an enticing combination of savings and rewards on their holiday purchases. It's a win-win from the customer point of view. Rewards programs enhance a customer's overall experience and increase their likelihood to shop at a retailer again and again, long after the holiday shopping season has ended."

Survey Methodology
The study was conducted among a nationally representative group of consumers from October 29 - November 1, 2018. The sample size of 1,000 has a margin of error of +/3 percent. Data has been weighted by age, gender and region to reflect the populations. The survey was hosted by global research company MARU / Matchbox.

About MARU / Matchbox
MARU/Matchbox is a professional services firm dedicated to improving its clients' business outcomes. It delivers its services through teams of sector-specific research consultants specializing in the use of Insight Community and Voice of Market technology.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit Find TD Bank on Facebook at and on Twitter at

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit

Holiday Retail Report

America's Most Convenient Bank.  (PRNewsFoto/TD Bank)

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