BIRMINGHAM, Ala.—A new study shows that the rash of data breaches in the past year had little impact on holiday shopping.
A nationwide survey performed by LowCards.com from Dec. 27 through Jan. 2 shows that only one out of six respondents (17%) said credit card breaches had any influence on how they paid for their purchases, and an almost identical number (15%) said the hacks affected where they shopped.
Bill Hardekopf, CEO of Lowcards.com, noted that the findings ran counter to the predictions of many analysts, who had said consumers would be reluctant to use credit cards or shop at stores that had been breached. During the past 13 months, data breaches have taken place at major retail chains such as Target, Neiman Marcus, Sally Beauty, Michaels, Home Depot, Staples, Bebe, Kmart, and, most recently, Chick-Fil-A.
The survey also found that consumers seem to be doing a much better job of handling their finances.
“Just 30% of the respondents said they carry a balance every month compared to nearly half (49%) who said they completely pay off their balance every month,” said Hardekopf. “Nearly four out of five respondents (78%) claimed to have less credit card debt than they did a year ago.”
Other findings:
- Only 23% charged more on their credit cards than they planned during the recent holidays.
- Less than 10% of those surveyed (9%) said they opened a new credit card account during the Christmas shopping period.
- 61% went into the holidays with a budget. Of those that did, nearly three out of five (59%) said they spent very close to that budgeted amount.
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