New survey reveals people feel pressure to overspend during the holidays

Black Friday Sales, Shoppers, J.C. Penny
A sign promoting Black Friday specials is displayed in the window of a J.C. Penny store as shoppers queue up at the door for a 3 p.m. opening, Thursday, Nov. 26, 2015, in northeast Denver. The store opened two hours before other retailers to cash in on a flurry of bargain hunters, some who said that they waited for three hours to be one of the first people queued up outside. (AP Photo/David Zalubowski)

AUGUSTA, GA. (WJBF)With the holidays upon us, the pressure to overspend is also here. The holiday season is a big time for shopping and scoring the best deals, but a new survey has found people are feeling the pressure to over spend on the gift-giving season.

Major retailers are extending their hours and prepping for some major shopping, but for consumers that sometimes means some major spending.

“You know sales can be very tempting though, now that’s the thing. The sales can be very tempting,” said SaiLena Willis, a parent and shopper.

SunTrust Bank released the results of its annual holiday spending survey and found 46 percent of people feel they need to spend more than they can afford on gifts this year.

“I’ve bought things that were a little too pricey for what it was, but I wanted it.” Willis told WISH-TV’s sister station WJBF.

Parents with children under 18 are 64 percent more likely to spend money on big ticket items, which could exceed their budget.

“And I’ve realized Legos, for one right now, is like out of hand expensive and he likes Legos,” Willis said.

SaiLena Willis say her 10-year-old son doesn’t ask for too many things, so she wouldn’t mind buying him a few overpriced toys.

“Most likely if you really want it you are going to buy it. So if you’re going to spend that price, you’re going to have to spend that price on it,” said Willis.

The survey also reveals people between the ages of 18 and 34 blow through their budgets during the holidays.

“Being a college student I try to stay on budget, but when it comes to the holidays. I do tend to over spend because I have a lot more that I’m purchasing for other people,” said Megan Duncan a college student.

And people under 35 start to feel the financial stress of their over spending, even before the holidays end.

“That tends to happen the week before Christmas because I am still probably doing last minute gift buying for family members and I realize just how much I spent throughout the first part of the month.” Duncan said.

Avoid over spending by: setting limits, keeping track of what you’ve already bought, and research what you plan to buy before heading out the door to get the best deals.

If you do have plans to start your holiday shopping we have a list of some major retailers, their sales, and store hours on our website here.


Also, let us know how you spend in our web poll below:

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