A new holiday shopping study from Square Capital found that more than three-in-five respondents (61%) would likely spend more this holiday season if they could pay for their purchases over time.
The research further showed that consumers plan to spend about $1,300 this holiday season, and that the death of brick-and-mortar is still somewhat exaggerated – 72% of consumers said they prefer to shop in person for purchases over $250.
“We know that consumers prefer to support small businesses whenever they can, and we want to make sure this holiday season is no exception,” said Jacqueline Reses, head of Square Capital, in a prepared statement. “We’re excited to see what a level playing field can do for small business sales now that more sellers have access to financing options that provide flexibility to their shoppers.”
Holiday Shopping Study
Among the survey’s other findings:
- Most consumers (84%) prefer to support small businesses whenever they can
- Nearly half (45%) of consumers anticipate making a large (more than $250) purchase during the upcoming holiday season.
- More than half (56%) will begin shopping before Thanksgiving, while nearly a quarter (23%) of those started their shopping by August.
- Sixty-eight percent of consumers said they likely to consider a small or local business if they offered financing options