EQUIFAX INC.

(EFX)
  Report
Real-time Estimate Cboe BZX  -  05/25 11:31:13 am EDT
193.29 USD   +0.92%
08:15aEquifax's Kount Unit Expands Operations
MT
07:46aKount, an Equifax Company, Expands International Presence
PR
05/24Equifax® Canada Welcomes Sandy Kyriakatos as Chief Data Officer
GL
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Retail Therapy on Most Holiday Shopping Lists: Credit Card Spending is Trending Up

11/22/2021 | 05:01am EDT

TORONTO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Consumers and small business owners are feeling more positive about holiday shopping leading into Black Friday according to new survey data* from Equifax Canada. Equifax consumer data also suggests their optimism is on target with average credit card spend trending up, increasing by 17.6 per cent in Q3 2021 compared to Q3 2020. Average monthly spend on credit cards is over $1,400 this quarter, the highest in the last three years.

“Credit cards have been the slowest product to recover from the pandemic and show a similar trend across other countries as well,” said Rebecca Oakes, Equifax Canada’s AVP of Advanced Analytics. “Seasonality, pent up demand, and people beginning to travel again combined with a rise in inflation can be attributed to higher spend behaviour. We’re also likely to see a small quarter-over-quarter seasonal increase in credit card balance and utilization.” 

Looking forward to holiday shopping, two-thirds of survey respondents (64 per cent) plan to spend about the same as last year and 9 per cent expect to spend more. These numbers are up substantially compared to 2020 when 58 per cent said they would spend the same and 4 per cent said they would spend more. Only 25 per cent say they will spend less this year, which is significantly lower than 33 per cent in 2020.

Canadians aged 18-34 are much more likely than those aged 35+ to say they will be shopping more this holiday season (17 per cent versus 6 per cent), as are those with children under the age of 18 in the house compared to those aged 35+ with no young children (15 per cent versus 7 per cent).

“Retailers of all sizes can take heart that most consumers plan to purchase plenty of holiday gifts for friends and family,” said Oakes. “It’s another indication that we’re turning the corner on the financial impacts of the pandemic. It’s imperative, however, to remind people to stay within their financial limits and prepare a realistic budget to avoid unwanted financial stress in the New Year.”

Fortunately, the survey found 57 per cent of Canadians prepare a budget for holiday shopping. Additionally, the survey uncovered that significantly more, 70 per cent, are using their credit cards more often than cash for purchases compared to 2020. One-third (31 per cent) also indicated they use more than one credit card for holiday purchases and 26 per cent carry the most credit card debt in a month during the holidays.

WHEN & WHERE PEOPLE PLAN TO SHOP
Shopping Black Friday sales is in the plans for 49 per cent of survey respondents, 44 per cent will shop Cyber Monday sales, and 34 per cent plan to shop for Small Business Saturday sales. While more than half (56 per cent) of holiday shoppers say they are more likely to shop online this year because of the pandemic, half (51 per cent) say they plan on shopping in-store more this holiday season to support local businesses. The online shopping number dropped by 9 per cent compared to last year.

SMALL BUSINESS PLANS FOR HOLIDAY SHOPPERS
Equifax Canada also conducted a survey** of 300+ small business owners, 39 per cent of whom said they were just as confident in their business thinking back to last year’s holiday season and 36 per cent said they were more confident for this season. Only 20 per cent said they were less confident.

“Small business owners in particular have more reason to be optimistic compared to last year when most of their businesses were shut down owing to government lockdowns,” said Jeff Brown, Small and Medium Business Leader, Equifax Canada. “There’s good reason to believe they will do much better, especially those in the food and beverage or hospitality industries.”

Over half of businesses polled (56 per cent) said that they will be taking extra steps this holiday season to attract business, including offering sales/discounts (25 per cent), investing more in social media (21 per cent), or offering free delivery (16 per cent). Four-in-ten (38 per cent) of the businesses polled don’t plan to do anything different to attract customers heading into the holidays. Interestingly, businesses that have been in operation for 6+ years are significantly more likely to state that they don’t plan to do anything different to attract more business (47 per cent versus 18 per cent of those in business fewer than 6 years). Newer businesses are more likely to state that customers can support them this holiday season by sharing/posting about their business on social media (71 per cent versus 28 per cent of those in business 1+ years).

“Small business owners certainly deserve some good cheer this holiday season,” added Brown.

*An online survey of 1,500 Canadians was completed between September 16-24, 2021, using Leger’s online panel. The margin of error for this study was +/-2.5%, 19 times out of 20.

** Equifax Canada Co. commissioned Leger to conduct an online survey with 300 Canadian small (255) and medium-sized (45) business owners/leaders/decision makers within the Food, Construction, Retail, and Travel Industries. It was completed between August 20 and 29, 2021, using Leger’s online panel.

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 12,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca and follow the company’s news on LinkedIn and Twitter.

Media Contacts:

Andrew Findlater
SELECT Public Relations
afindlater@selectpr.ca
(647) 444-1197
 

Primary Logo


© GlobeNewswire 2021
All news about EQUIFAX INC.
08:15aEquifax's Kount Unit Expands Operations
MT
07:46aKount, an Equifax Company, Expands International Presence
PR
05/24Equifax® Canada Welcomes Sandy Kyriakatos as Chief Data Officer
GL
05/24Equifax® Canada Welcomes Sandy Kyriakatos as Chief Data Officer
GL
05/24EQUIFAX INC. : Ex-dividend day for
FA
05/20US Stocks Decline, Driven by Consumer Discretionary Selloff
MT
05/19TRANSCRIPT : Equifax Inc. Presents at 17th Annual Needham’s Virtual Technology & Medi..
CI
05/12Equifax Expands State Forms Solution
PR
05/12Equifax Expands State Forms Solution
CI
05/11EQUIFAX INC : Submission of Matters to a Vote of Security Holders (form 8-K)
AQ
More news
Analyst Recommendations on EQUIFAX INC.
More recommendations
Financials (USD)
Sales 2022 5 261 M - -
Net income 2022 825 M - -
Net Debt 2022 4 847 M - -
P/E ratio 2022 28,7x
Yield 2022 0,81%
Capitalization 23 430 M 23 430 M -
EV / Sales 2022 5,38x
EV / Sales 2023 5,01x
Nbr of Employees 12 700
Free-Float 64,6%
Chart EQUIFAX INC.
Duration : Period :
Equifax Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EQUIFAX INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 21
Last Close Price 191,52 $
Average target price 247,68 $
Spread / Average Target 29,3%
EPS Revisions
Managers and Directors
Mark W. Begor Chief Executive Officer & Director
John W. Gamble EVP, Chief Financial & Operations Officer
Mark L. Feidler Non-Executive Chairman
Bryson R. Koehler Executive VP, Chief Technology & Product Officer
John A. McKinley Independent Director
Sector and Competitors
1st jan.Capi. (M$)
EQUIFAX INC.-34.59%23 430
S&P GLOBAL, INC.-25.73%119 261
RELX PLC-3.75%54 391
THOMSON REUTERS CORPORATION-18.23%46 854
MSCI, INC.-32.33%33 634
WOLTERS KLUWER-10.54%25 486