More than two-thirds of Americans believe there's no place like home for the holidays – with 67.1 percent of those surveyed stating that they'd rather spend the holidays with extended family than at a resort with a partner or close friends (32.9 percent), according to the 2016 TD Bank Holiday Giving Report, which surveyed 1,502 U.S. respondents aged 18 to 65+ via Google Surveys.
The survey also found that the spirit of holiday giving is alive and well. More than half of those surveyed (56.5 percent) reported that they engage in some form of charitable activity over the holidays, including:
- Volunteering as a family (9.2 percent)
- Donating some of the children's gifts (9.9 percent)
- Shopping for charitable gifts as a family (15.9 percent)
- Donating while shopping (21.9 percent)
In fact, only around one third of respondents (36.3 percent) said they don't engage in any form of charity during the holidays.
"I find it heartwarming to see how many Americans believe in giving back to those in need," said Michael Carbone, Regional President, TD Bank. "This is a core conviction I share with TD Bank and my own family. I firmly believe that charity should begin at home and be a full-family affair."
TD recently captured conversations with Philadelphians about holiday giving in a video.
Gifting on the wane – except for millennials
Holiday décor may hit shopping malls earlier each year, but that's not translating into universal gift giving. In fact, nearly one in three respondents across all age groups (32.1 percent) said they don't buy holiday gifts. Despite being saddled with student loans, millennials appear to be the most generous of the lot: Fewer than one in four (23.7 percent) said they don't purchase holiday gifts.
Nonetheless, the vast majority of respondents still receive holiday gifts. Fewer than one in five respondents across age groups (19.5 percent) said they don't receive holiday gifts. And for those gregarious millennials, only 14.5 percent go without.
What to do with those unwanted gifts
Marking another win for charitable giving: More than a quarter of respondents across age groups (25.5%) said they donate their unwanted gifts to charity. Here are other ways respondents deal with unwanted gifts:
- 20.2 percent secretly return unwanted gifts
- 18.9 percent re-gift
- 16 percent keep the gifts to display when the gift-giver visits (this number jumps to 26.8 percent for respondents aged 18 to 24).
And there's more good news for those who fear material excess: Many families appear to be striking the right balance when it comes to how much to give their children over the holidays. Nearly half of respondents across age groups (46% percent) said the kids in their families receive just the right amount of gifts (the percentage jumps to 64.2% for those aged 18 to 24). Nonetheless, more than a third of respondents (36.3 percent) indicated that gift giving is over the top, while 17.7 percent don't exchange gifts at all.
"I come from a large extended family, my son tended to get a lot of gifts growing up," said Carbone. "That's why we've developed a family tradition. Each of us selects at least one of our gifts to donate to charity. I'm delighted to see that so many Americans agree that the holidays are not just about giving, but giving back."
More Holiday Giving Survey results
About the Survey
TD Bank surveyed 1,502 U.S. respondents aged 18 to 65+ via Google Surveys. The survey was conducted across Google's network of news, reference and entertainment sites, providing free access to respondents in exchange for free access to premium content and credits for Google Play. The full results appear here.
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 8.9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,275 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 www.tdbank.com . Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US .
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 www.td.com .
For further information: Manokia Musonge, 1-856-813-4203, manokia.musonge@td.com
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