Survey Reveals Nearly Two-Thirds Are Hoping for Green Holidays!
ENGLEWOOD, Colo., (December 4th, 2008) – Two surveys conducted by Western Union (NYSE:WU) show that consumers are reconsidering their holiday wish lists this season. Now even more than in the first survey conducted eight weeks prior, consumers are saying that cash is by far the gift of choice and the more practical option this holiday season. Survey results show:
• Sixty-five (65) percent of Americans would prefer to receive $100 in cash, rather than a specific present or a gift card of the same value, up nine points from a Western Union survey fielded between September 12 and 14; • Of that 65 percent, more than half (53 percent) would use that money on basic living expenses such as gas, groceries and bills. Only 14 percent would spend it on a treat for themselves; and • Seventy-nine (79) percent of Americans believe cash is a good gift because people can use it to get what they really want.
“The whirlwind economy has everyone taking stock of their finances, especially now that we are heading into the holiday season,” said Stewart A. Stockdale, executive vice president and president, U.S. and Canada, Western Union. “People view cash gifts as a way to control spending and stay within their budgets, while providing loved ones with a financial boost. Either way, cash is clearly this year’s ‘must have’ gift,” Stockdale added.
“What’s particularly interesting about the data is the difference in responses from when we first fielded this survey just eight weeks ago,” Stockdale continued. “At that point, before the economic crisis hit, 56 percent of consumers wanted to receive cash gifts. Two months later that has increased by nine percentage points. Similarly, in September, 27 percent of respondents would have used a cash gift for a personal splurge. That figure has since dropped 13 percentage points.
“Also, there has been a dramatic drop in the number of respondents who plan to give gift cards for services such as a manicure or a pre-paid phone card. Two months ago that figure was 40 percent, but now the number is 30 percent. All of this tells me that, in these economic times, for the holidays, frivolity is out and practicality is in,” Stockdale continued.
The survey also revealed that those with household incomes of less than $50,000 are more likely to give cash than those with higher incomes. Nearly two thirds said in the past they had spent more on gifts than planned. Thus sending cash may be easier for them to manage their spending. The survey revealed:
• Sixty-two (62) percent of those with household incomes of less than $50,000 are likely to give cash; • Fifty-three (53) percent of those with more than $50,000 in household income are likely to give cash; and • Sixty-five (65) percent of Americans said they often end up spending more on gifts than they had planned to spend.
“Since many Americans (59 percent) say they will be sending gifts to people they won’t see in person this holiday season, the gift of cash via a money transfer with Western Union can be the ideal way to give your loved ones exactly what they’re really hoping for,” Stockdale added.
To further enhance consumers’ gift giving experiences during the holidays, Western Union is featuring online community areas in which consumers can share gift stories relevant to each of the major holidays, and can send free e-cards to connect with family and friends.
Western Union provides three simple options for sending the gift of cash: by visiting any of the more than 320,000 Western Union® Agent locations worldwide; calling 1-800-CALL-CASH®; or logging onto westernunion.com.
Western Union has partnered with Filipina YouTube sensation Happy Slip, Christine Gambito, to reach out to Filipino consumers. The partnership is a five video series incorporating a Western Union Money transfer. Her You Tube videos consistently rank high among most viewed and skews particularly high among Filipino and Filipino American viewers. To see her videos, please visit You Tube and search key words: Happy Slip “Fragile” or Happy Slip “More Processed Meat”
About Western Union The Western Union Company (NYSE: WU) is a leader in global money transfer services. Together with its affiliates, Orlandi Valuta and Vigo, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a combined network of more than 355,000 Agent locations in more than 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.WesternUnion.com.
Survey Methodology The survey, commissioned by Western Union and conducted by GfK Roper Public Affairs & Media polled 1,004 people 18 years old and older between September 12 and September 14, 2008. The second survey polled 1,004 consumers between November 7 and 9, 2008.
