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Shoppers are Banking on Deals this Holiday Season, but Still Plan to Splurge, TD Survey Finds

New data reveals that 80% of shoppers are seeking out sales or price reductions to make their seasonal purchases, but 96% anticipate they will overdo it

TD Bank, America’s Most Convenient Bank® , today announced the results of its 2023 Merry Money Survey, revealing that shoppers are staying on top of their holiday budgets. In fact, 70% of respondents are planning to make a budget before they deck the halls in December. Despite their budgeting savvy, nearly all shoppers (96%) expect to overspend on gifts this holiday season.

TD polled 2,000+ U.S. consumers regarding their shopping and overall money management habits during the holiday season. The survey found that budget-conscious shoppers are becoming slightly more optimistic about the overall economy, with 68% of respondents citing concerns around inflation’s impact on their holiday shopping needs, down from 75% in 2022.

"With economic concerns top of mind for consumers throughout the year, planning ahead can help prevent some of the financial stress that holiday shopping can place on them," said Matt Boss, Head of Consumer Products at TD Bank. “Setting a holiday budget and sticking to it is the first step that shoppers can take to maintain their peace of mind this holiday season.”

Sales are Singing, Bells are Ringing

With budgets at the top of the priority list, shoppers are digging for deals this holiday season as eight-in-ten (80%) indicated that they actively seek out price reductions or special offers to make their holiday purchases. Before they trim the tree though, shoppers are also trimming their other unnecessary spending with two-thirds (66%) of respondents revealing that they plan to spend less in other areas in anticipation of the holiday season. Further, three-quarters (75%) do most of their holiday shopping around annual sales or shopping related holidays. Top holidays or events for spending include Black Friday (51%), Amazon Prime Day (33%) and Cyber Monday (30%).

Despite expecting to overspend, thankfully, many respondents are taking the steps to stay on track, with nearly half (47%) indicating that this holiday season they plan to review their spending every time they make a purchase. Ninety percent of shoppers who have overspent during past holidays also cited that they will consider ways to curb overspending such as spending less on gifts, saving extra money in advance of the holidays, and keeping a closer eye on their budget and credit card statements.

We Wish you a Merry Card-mas

This year, Americans are prioritizing cards over cash, with more than three-quarters (78%) sharing that they use credit or debit cards as their primary payment method. A debit card is the primary payment method for 43% of respondents, revealing that many shoppers will be missing out on the rewards and savings that many credit cards offer. In addition to credit and debit cards, 18% indicated that they use cash/check most often, 2% use Store financing (Buy Now Pay Later, financing options) and 1% indicated they plan to utilize personal loans for their holiday shopping payment method.

Though roughly four-in-five (79%) of respondents indicated that they have a rewards credit card, a mere 37% will be using their rewards for holiday spending. Of those who do plan to use the rewards, the majority (78%) will use them for cash back offerings, while 23% plan to use them for dining out, 22% for travel, 17% for experiences, and 9% for other purposes. One in five are planning to apply for a new credit card this holiday season to take advantage of signup bonuses.

"It's no secret that during the holidays, consumers will tend to spend more, but that doesn't mean they can't also save," said Boss. "What's important is that consumers should have a budget, identify and shop the sales, and make the most of their planned spending, not only during the holidays, but throughout the entire year.”

Gen Z Sleighs the Holiday

Gen Zers are among the best budgeters of all this holiday season with more than four-in-five (81%) revealing that they are considering making a holiday budget this year to keep track of their finances, compared to 77% of Millennials and just 59% of Baby Boomers. Gen-Z is also the most likely to plan for their season of giving, with two-thirds (66%) citing that they set aside money year-round in anticipation of increased holiday spending.

Gen Zers are stretching their dollars:

  • Sign Me Up: Though just 20% of shoppers indicated they were planning to sign up for a new credit card to take advantage of sign on bonuses, more than one-third (37%) of Gen-Z revealed that they plan to do so.
  • Make the Yuletide Pay: Among credit card users, Gen-Z is on par with their older counterparts with nearly three-in-five (58%) sharing that they will pay 100% of their outstanding card balance to set them off on the right foot to kick off the year, the same as the general population.

Spending Seasons’ Greetings

Ahead of the holiday season, shoppers are also sharing their seasonal secrets such as:

  • Not Home for the Holidays: Nearly one-third (32%) of shoppers plan to take a vacation instead of visiting family or friends this year during the holiday season. Men are more likely to travel elsewhere, with 38% of them planning a trip compared to 27% of women.
  • Rein-it-in-Deer: Over two-fifths (43%) of respondents believe that their family members spend the least on their holiday gifts.
  • Givers with Gusto: Fifty-seven percent shared that they never return gifts during the holiday season.


Big Village surveyed 2,005 Americans 18 years of age or older who celebrate the holidays. The online survey was conducted October 3-8, 2023.

About Big Village

Big Village Insights is a global research and analytics business uncovering not just the ‘what’ but the ‘why’ behind customer behavior, supporting clients’ insights needs with agile tools, CX research, branding, product innovation, data & analytics, and more. Big Village Insights is part of Bright Mountain Media. Find out more at

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 over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit Find TD Bank on Facebook at and on Twitter at and

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


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