Giving the Gift of Cash Helps Consumers Stay on Budget and Reduce Overspending
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Dec. 15, 2011-- The Western Union Company (NYSE:WU), a leader in global payments, found in a recent global consumer survey conducted by Wakefield Research across eight countries that most consumers worry about overspending; however, cash remains the perfect, worry-free gifting solution consumers globally want this holiday.
The global gifting survey of eight countries – the United States, Mexico, Brazil, United Kingdom, Germany, United Arab Emirates, South Africa and India – found that when it comes to holiday shopping, saving money, and wanting to please your loved ones, we are more alike than different.
For example, consumers in the United States, Brazil, the United Kingdom, United Arab Emirates and South Africa reported overspending as the No. 1 worry this holiday season. For example, in the U.S., 38 percent worry about overspending, and then eating too much (14 percent), finding the perfect gift (11 percent), seeing family (8 percent), and work commitments (5 percent) are also high on the list. On average, consumers in the U.S. will spend $525 on gifts this year.
The Western Union survey also found cash is this season’s must-have gift across all countries. Eighty-three percent of U.S. consumers would rather have $50 in cash than a gift worth $50. U.S. consumers would also most likely spend the gift of cash for basic necessities such as gas, groceries, or bills (42 percent), followed by splurging on a treat for themselves (26 percent), saving or investing it (19 percent), or buying a gift for someone else (8 percent).
“When it comes to holiday shopping, saving money, and wanting to please your loved ones, we are more alike than different,” said Victoria López-Negrete, senior vice president and general manager, North America, Western Union. “Overspending can happen when consumers least expect it during the holiday season – the gift of cash with Western Union is the perfect holiday solution for consumers to stay within budget and give their family and loved ones the gift they really want.”
To facilitate gift giving solutions this holiday season, and help consumers be mindful of their budgets, Western Union is offering "$50 for $5" – consumers can send up to $50 from participating Agent locations to loved ones in the U.S. for five dollars or send a Western Union® gift card,* with a personalized greeting card and voice message, available exclusively at www.westernunion.com.
To kick off the holidays, Western Union recently launched Western Union World of Betters, one program of many designed to help raise awareness on the many ways we can make someone’s day better.
Eligible participants should visit www.worldofbetters.com and upload their entry of no more than 100 words describing how they would use US$1,000 to make the world a better place. Participants are then encouraged to tell their family and friends to view their story and vote on the website. Public voting will determine 500 entries, from which a judging panel will select 100 Western Union World of Betters ideas, and winners will receive the equivalent of US$1,000 cash to bring their idea to life. Those entering the contest should submit their entries by 11:59:59 p.m. GMT on December 15, 2011.
To learn more and submit an entry, visit www.worldofbetters.com, click on the enter button to complete the registration form and follow the instructions on how to submit the entry. The site is available in English, Spanish, French, and German, with some pages available in Portuguese, Russian and Arabic. No purchase necessary to enter or win. Entry is subject to the Official Rules available at www.worldofbetters.com. Void where prohibited by law.
The survey, commissioned by Western Union and conducted by Wakefield Research polled nationally representative adults aged 18 years old and older between September 21 and October 21, 2011 in the following countries: 1,000 respondents in the U.S., 500 respondents in Mexico, 500 respondents in Germany, 500 respondents in India, 500 respondents in Brazil, 500 respondents in the UAE, 500 respondents in S. Africa, and 500 respondents in the U.K. * Gift Card only for sale and shipment to the 48 contiguous states excluding AZ, PO Boxes, U.S. military bases and correctional facilities. A $2.50 per month servicing fee applies after 12 consecutive months of non-use.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2011, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 485,000 Agent locations in 200 countries and territories. In 2010, The Western Union Company completed 214 million consumer-to-consumer transactions worldwide, moving $76 billion of principal between consumers, and 405 million business payments. For more information, visit www.westernunion.com.
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Source: The Western Union Company
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Dan Díaz
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L’Teisha Ryan
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