TD Merry Money 2017
TD Merry Money 2017 Report of Findings
Survey findings, November 2017
Overview Background & Objectives TD Bank wants to better understand how Americans conduct their holiday shopping.
Methodology The sample size of 1,295 has a margin of error of +/-3%. Fieldwork was completed November 2nd – 8th, 2017.
Total:
n=1,295
Regional Breaks:
New York City (NYC)
n=150
Boston (BOS)
n=151
South Florida (S. FL) Philadelphia (Phila.)
n=151 n=151
Significance is tested at 95% confidence interval and is represented by the following: • Significantly higher: • Significantly lower:
2
Holiday Spend & Post Craze Cut Backs Expected Holiday Spend • Average expected holiday spend is approximately $500. Two-in-ten spend less than $200 on holiday spending (21%). 2016
2017
$1-$199
21%
$200-$399
26%
$400-$599
25%
22%
$600-$799
18%
12%
$800-$999
12%
8%
10% 12%
$1,000+
Average:
21%
$534
13%
$509
NYC
BOS
S. FL
Phila
14%
20%
21%
17%
14%
24%
22%
20%
18%
20%
20%
19%
24%
12%
15%
12%
11%
9%
10%
16%
19%
16%
11%
16%
$621
$525
$505
$576
January 2018 Cut Backs • Top expected post-holiday cut backs are eating out/ordering in (38%), entertainment (29%), and clothing/personal items (26%). NYC BOS S. FL Eating Out/Ordering In Entertainment Clothing/personal items Travel Home decor Candy/Desserts Toys/entertainment for kids Wine/Beer/Spirits Groceries Other None
38% 29% 26% 25% 24% 23% 21% 20% 13% 4% 35%
Phila
28%
34%
34%
40%
26%
29%
27%
24%
30%
30%
22%
20%
32%
20%
27%
21%
31%
20%
25%
20%
30%
13%
25%
20%
24%
12%
24%
13%
27%
19%
23%
16%
20%
11%
16%
12%
5%
7%
2%
3%
31%
42%
33%
41%
S1. In total, how much do you expect to spend on gifts this holiday season?; Q9. What expenses do you plan to cut back on in January (if any)? (Base: All respondents; n=1295)
3
Holiday Budgeting Create Holiday Budget •
Half of Americans create a holiday budget (52%). 2016
52%
2017
NYC
BOS
S. FL
Phila
52%
61%
43%
58%
59%
Stick to Holiday Budget (Among those who create a budget) •
Eight-in-ten expect to stick to their holiday budget (83%); a significant increase from 2016 results (70%). 2016
70%
2017
NYC
BOS
S. FL
Phila
83%
90%
71%
84%
79%
Reasons for Creating Holiday Budget (Among those who create a budget) •
Top reasons to create a budget include habit or “always making a budget” (63%) and spending too much in previous years (39%). 63%
Always make a budget when shopping 39%
Spend too much money over the holiday
31%
Planning for vacation or travel in the coming year
27%
Planning on making large purchase in the coming year
18%
Expected life event in the coming year Other
6%
NYC
BOS
S. FL
Phila
60%
66%
65%
67%
42%
41%
30%
36%
48%
23%
37%
15%
36%
25%
33%
15%
24%
10%
19%
13%
5%
9%
6%
11%
Q1. Do you create a holiday budget? (Base: All respondents; n=1295) Q2. Why do you create a holiday budget? (Base: Create holiday budget; n=645) Q3. Do you usually stick to it? (Base: Create holiday budget; n=645) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
4
Holiday Overspending Reasons to go Overbudget (Among those who don’t stick to their budget) •
Top reasons not to stick to a budget include spending more on gifts than expected (71%) and gifts that aren’t on the list (57%)! Spending more on each gift than expected
71%
Buying gifts that weren’t on the original list
57%
Purchasing items that weren’t in the budget
42%
Buying for myself when holiday shopping
41%
Spending on holiday-related events
40%
Buying treats/snacks while shopping Other
37% 5%
Overspent in the Past •
Almost eight-in-ten have overspent in the past (76%), with an average of $263 more spend than expected. 2016 Overspent in the Past Average Overspending
78% $218
2017
76% $263
Time to Payback •
Nearly six-in-ten (59%) expect to pay back their holiday spending before February 2018.
100% before February Within 1-3 months Within 4-6 months Within 7-9 months Within 12 months Don’t know
59% 22% 7%
8%
NYC
BOS
S. FL
Phila
80%
71%
78%
78%
$318
$244
$277
$247
NYC
BOS
S. FL
Phila
57%
58%
51%
57%
26%
23%
27%
22%
9%
8%
9%
8%
1%
0%
4%
0%
2%
2%
3%
4%
4%
9%
7%
9%
Q4. Which of the below keeps you from sticking to your holiday budget? (Base: Don't stick to budget; n=117) Q6. Have you overspent during the holidays in the past? (Base: All respondents; n=1295) Q7. By how much do you estimate you’ve typically overspent during past holiday seasons? (Base: Overspent in the past; n=964) Q8. Thinking of your post-holiday bill(s) in January 2018, how long do you anticipate it will take to pay back your holiday purchases? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
5
Overlook & Overspend – Top 10 Responses Overlook When Planning Purchases •
Spend More On Than Planned
Costs that Americans tend to overlook when planning their holiday purchases include gifts for those “not on the list” (37%), purchases for themselves (32%), and gifts/tips for service providers (31%). Total
NYC
BOS
•
Americans tend to spend more than planned on gifts for friends and family (45%), entertaining at home (21%), and purchases for themselves (19%).
S. FL Phila
Total
Small gifts for those “not on the list” 37%
39% 40% 45% 35%
Gifts for friends and family 45%
47% 42% 39% 40%
Purchases for myself 32%
34% 28% 36% 29%
Entertaining at home 21%
24% 16% 27% 18%
Gifts/tips for service providers 31%
31% 31% 36% 28%
Purchases for myself 19%
31% 18% 29% 15%
Socializing outside of your home 30%
34% 29% 31% 27%
Candy/Desserts 18%
27% 12% 22% 10%
Gifts for pets 28%
25% 21% 30% 21%
Home decorations 18%
24% 13% 22% 16%
Wine/Beer/Spirits 28%
26% 25% 24% 19%
Wine/Beer/Spirits 17%
28% 14% 23% 15%
Entertaining at home 28%
24% 25% 30% 18%
Gift cards 15%
28% 10% 19% 10%
Holiday outfit for self, spouse or children 27%
30% 25% 27% 23%
Holiday outfit for self, spouse or children 14%
Home decorations 27%
27% 25% 28% 20%
Holiday baking supplies 13%
21% 14% 18% 15%
Pollyanna/White Elephant gift 27%
27% 17% 30% 12%
Small gifts for those “not on the list” 13%
20% 13% 20% 11%
NYC
BOS
S. FL Phila
21% 10% 18%
9%
Q5. Which of the following do you tend to forget or not consider when planning your holiday purchases? Q5A. Which of the following do you tend to overspend on when planning your holiday purchases? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
6
Re-gifting Presents Re-gifted in the Past •
More than half (56%) have re-gifted a present in the past. 2016
Have Re-gifted:
2017
54%
56%
NYC
BOS
S. FL
Phila
65%
59%
61%
49%
Reasons for Re-gifting •
Top reasons for re-gifting include thinking that someone else would like it more (65%) and also not liking the gift (40%). Someone else would like it more
65%
I didn’t like the gift
40%
NYC
BOS
S. FL
Phila
59%
69%
57%
63%
25%
54%
43%
35%
Received a gift and wanted to give something back
20%
41%
13%
22%
15%
Didn’t have the money to buy a new gift
20%
12%
14%
24%
14%
13%
17%
11%
15%
4%
4%
3%
0%
Didn’t have time to shop Other
16% 4%
Q10. Have you ever re-gifted a present? (Base: All respondents; n=1295) Q10A. Thinking of the last time you re-gifted a present, why do you think you did it? (Base: Re-gifted presents; n=718) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
7
Gift Giving Non-Monetary Ways to Give • Top non-monetary ways to give include homemade foods (59%) and handmade gifts (36%).
Homemade Foods
59%
Handmade gifts – Ex. Cards, ornaments, etc.
36%
NYC
BOS
S. FL
Phila
48%
59%
62%
56%
42%
38%
35%
31%
Personalized Photo/video/music gifts
31%
40%
24%
35%
27%
Experiences
29%
43%
28%
27%
28%
Time/Talent – Ex. Cleaning, babysitting, etc.
27%
33%
22%
26%
23%
12%
16%
14%
25%
NYC
BOS
S. FL
Phila
Other
16%
Preferred Gifts to Receive – Ranked Top 3 •
American tend to prefer receiving gift cards (62%), cash (59%), or a purchased gift (48%).
Gift cards
62%
57%
61%
63%
64%
Cash
59%
51%
61%
61%
66%
47%
49%
54%
41%
31%
36%
31%
24%
Purchased gifts/items
48%
Experiences
32%
Homemade Foods
28%
30%
29%
28%
29%
Handmade gifts – Ex. Cards, ornaments, etc.
26%
22%
22%
20%
23%
Personalized Photo/video/music gifts
18%
25%
18%
17%
19%
Time/Talent – Ex. Cleaning, babysitting, etc.
16%
15%
14%
12%
20%
22%
9%
14%
14%
Charitable Donation Gifts (made in your honor)
12%
Q11. What are non-monetary ways you give gifts? Q12. Thinking about what you'd like to receive during the holidays, rank the below in order of preference. (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
8
Gift Cards •
Gift cards are bought so that people can get “what they really want” (50%) and also because gift cards are easy/convenient to give (24%).
So people can get something they really want
50%
Easy/convenient
24%
NYC
BOS
S. FL
Phila
38%
59%
44%
49%
27%
20%
33%
27%
Too much pressure to pick something out
6%
6%
9%
5%
6%
I do not buy gift cards
6%
4%
4%
3%
7%
To stay within a budget
5%
6%
2%
7%
1%
Can get discounts
5%
11%
3%
4%
5%
Can buy in bulk
4%
6%
2%
3%
5%
2%
1%
0%
1%
Other
1%
Q13. What is the main reason you give gift cards as gifts during the holidays? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
9
Gifting & Stress •
•
Gifts for children tend to be easiest to buy (40%), though many still find buying them stressful (24%). Similarly, gifts for a significant other are the most stressful (35%) to buy, but at the same time, many find shopping for their significant other fairly easy (24%). The two categories, stress and ease of purchasing, are not necessary the inverse of each other.
Easiest Gifts to Buy
Most Stressful Gifts to Buy NYC
BOS
S. FL Phila
23% 18% 28% 26%
NYC
24%
37% 34% 35% 33% 35% 26% 15% 27% 17% 26% 23% 20% 25% 23% 18% 20% 14%
19%
9%
12%
7%
13%
9%
13%
7%
27% 26% 23% 19% 13%
8%
8%
26%
9%
20% 12%
17%
7%
11%
5%
26% 25% 33% 26%
Gifts for friends
23%
24% 20% 32% 29%
22%
Gifts for parents
19%
17%
Gifts for siblings
19% 14% 14% 11%
Gifts for service providers
13%
23% 16% 15% 14%
Gifts for grandparents
12%
19%
19%
5%
Gifts for extended family
12%
19% 11% 20%
9%
11%
11% 10% 12% 10%
23%
15% 9%
27% 21% 21% 13%
14%
11%
9%
27% 17% 29% 12%
Small gifts for those “not on the list”
10%
9%
43% 40% 37% 40%
24%
25%
14%
S. FL Phila
Gifts for my significant other
20%
13% 15% 16% 11%
40%
Gifts for my child/children
BOS
Pollyanna/White Elephant gifts Gifts for colleagues at work/school/other Gifts for your child’s friends/teacher/care worker
7%
9%
17%
8%
11%
4%
8%
18%
7%
12%
8%
Q14. Which gifts are the most stressful to buy? Q15. Which gifts are the easiest to buy? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
10
Survey findings, November 2017
Overview Background & Objectives TD Bank wants to better understand how Americans conduct their holiday shopping.
Methodology The sample size of 1,295 has a margin of error of +/-3%. Fieldwork was completed November 2nd – 8th, 2017.
Total:
n=1,295
Regional Breaks:
New York City (NYC)
n=150
Boston (BOS)
n=151
South Florida (S. FL) Philadelphia (Phila.)
n=151 n=151
Significance is tested at 95% confidence interval and is represented by the following: • Significantly higher: • Significantly lower:
2
Holiday Spend & Post Craze Cut Backs Expected Holiday Spend • Average expected holiday spend is approximately $500. Two-in-ten spend less than $200 on holiday spending (21%). 2016
2017
$1-$199
21%
$200-$399
26%
$400-$599
25%
22%
$600-$799
18%
12%
$800-$999
12%
8%
10% 12%
$1,000+
Average:
21%
$534
13%
$509
NYC
BOS
S. FL
Phila
14%
20%
21%
17%
14%
24%
22%
20%
18%
20%
20%
19%
24%
12%
15%
12%
11%
9%
10%
16%
19%
16%
11%
16%
$621
$525
$505
$576
January 2018 Cut Backs • Top expected post-holiday cut backs are eating out/ordering in (38%), entertainment (29%), and clothing/personal items (26%). NYC BOS S. FL Eating Out/Ordering In Entertainment Clothing/personal items Travel Home decor Candy/Desserts Toys/entertainment for kids Wine/Beer/Spirits Groceries Other None
38% 29% 26% 25% 24% 23% 21% 20% 13% 4% 35%
Phila
28%
34%
34%
40%
26%
29%
27%
24%
30%
30%
22%
20%
32%
20%
27%
21%
31%
20%
25%
20%
30%
13%
25%
20%
24%
12%
24%
13%
27%
19%
23%
16%
20%
11%
16%
12%
5%
7%
2%
3%
31%
42%
33%
41%
S1. In total, how much do you expect to spend on gifts this holiday season?; Q9. What expenses do you plan to cut back on in January (if any)? (Base: All respondents; n=1295)
3
Holiday Budgeting Create Holiday Budget •
Half of Americans create a holiday budget (52%). 2016
52%
2017
NYC
BOS
S. FL
Phila
52%
61%
43%
58%
59%
Stick to Holiday Budget (Among those who create a budget) •
Eight-in-ten expect to stick to their holiday budget (83%); a significant increase from 2016 results (70%). 2016
70%
2017
NYC
BOS
S. FL
Phila
83%
90%
71%
84%
79%
Reasons for Creating Holiday Budget (Among those who create a budget) •
Top reasons to create a budget include habit or “always making a budget” (63%) and spending too much in previous years (39%). 63%
Always make a budget when shopping 39%
Spend too much money over the holiday
31%
Planning for vacation or travel in the coming year
27%
Planning on making large purchase in the coming year
18%
Expected life event in the coming year Other
6%
NYC
BOS
S. FL
Phila
60%
66%
65%
67%
42%
41%
30%
36%
48%
23%
37%
15%
36%
25%
33%
15%
24%
10%
19%
13%
5%
9%
6%
11%
Q1. Do you create a holiday budget? (Base: All respondents; n=1295) Q2. Why do you create a holiday budget? (Base: Create holiday budget; n=645) Q3. Do you usually stick to it? (Base: Create holiday budget; n=645) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
4
Holiday Overspending Reasons to go Overbudget (Among those who don’t stick to their budget) •
Top reasons not to stick to a budget include spending more on gifts than expected (71%) and gifts that aren’t on the list (57%)! Spending more on each gift than expected
71%
Buying gifts that weren’t on the original list
57%
Purchasing items that weren’t in the budget
42%
Buying for myself when holiday shopping
41%
Spending on holiday-related events
40%
Buying treats/snacks while shopping Other
37% 5%
Overspent in the Past •
Almost eight-in-ten have overspent in the past (76%), with an average of $263 more spend than expected. 2016 Overspent in the Past Average Overspending
78% $218
2017
76% $263
Time to Payback •
Nearly six-in-ten (59%) expect to pay back their holiday spending before February 2018.
100% before February Within 1-3 months Within 4-6 months Within 7-9 months Within 12 months Don’t know
59% 22% 7%
8%
NYC
BOS
S. FL
Phila
80%
71%
78%
78%
$318
$244
$277
$247
NYC
BOS
S. FL
Phila
57%
58%
51%
57%
26%
23%
27%
22%
9%
8%
9%
8%
1%
0%
4%
0%
2%
2%
3%
4%
4%
9%
7%
9%
Q4. Which of the below keeps you from sticking to your holiday budget? (Base: Don't stick to budget; n=117) Q6. Have you overspent during the holidays in the past? (Base: All respondents; n=1295) Q7. By how much do you estimate you’ve typically overspent during past holiday seasons? (Base: Overspent in the past; n=964) Q8. Thinking of your post-holiday bill(s) in January 2018, how long do you anticipate it will take to pay back your holiday purchases? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
5
Overlook & Overspend – Top 10 Responses Overlook When Planning Purchases •
Spend More On Than Planned
Costs that Americans tend to overlook when planning their holiday purchases include gifts for those “not on the list” (37%), purchases for themselves (32%), and gifts/tips for service providers (31%). Total
NYC
BOS
•
Americans tend to spend more than planned on gifts for friends and family (45%), entertaining at home (21%), and purchases for themselves (19%).
S. FL Phila
Total
Small gifts for those “not on the list” 37%
39% 40% 45% 35%
Gifts for friends and family 45%
47% 42% 39% 40%
Purchases for myself 32%
34% 28% 36% 29%
Entertaining at home 21%
24% 16% 27% 18%
Gifts/tips for service providers 31%
31% 31% 36% 28%
Purchases for myself 19%
31% 18% 29% 15%
Socializing outside of your home 30%
34% 29% 31% 27%
Candy/Desserts 18%
27% 12% 22% 10%
Gifts for pets 28%
25% 21% 30% 21%
Home decorations 18%
24% 13% 22% 16%
Wine/Beer/Spirits 28%
26% 25% 24% 19%
Wine/Beer/Spirits 17%
28% 14% 23% 15%
Entertaining at home 28%
24% 25% 30% 18%
Gift cards 15%
28% 10% 19% 10%
Holiday outfit for self, spouse or children 27%
30% 25% 27% 23%
Holiday outfit for self, spouse or children 14%
Home decorations 27%
27% 25% 28% 20%
Holiday baking supplies 13%
21% 14% 18% 15%
Pollyanna/White Elephant gift 27%
27% 17% 30% 12%
Small gifts for those “not on the list” 13%
20% 13% 20% 11%
NYC
BOS
S. FL Phila
21% 10% 18%
9%
Q5. Which of the following do you tend to forget or not consider when planning your holiday purchases? Q5A. Which of the following do you tend to overspend on when planning your holiday purchases? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
6
Re-gifting Presents Re-gifted in the Past •
More than half (56%) have re-gifted a present in the past. 2016
Have Re-gifted:
2017
54%
56%
NYC
BOS
S. FL
Phila
65%
59%
61%
49%
Reasons for Re-gifting •
Top reasons for re-gifting include thinking that someone else would like it more (65%) and also not liking the gift (40%). Someone else would like it more
65%
I didn’t like the gift
40%
NYC
BOS
S. FL
Phila
59%
69%
57%
63%
25%
54%
43%
35%
Received a gift and wanted to give something back
20%
41%
13%
22%
15%
Didn’t have the money to buy a new gift
20%
12%
14%
24%
14%
13%
17%
11%
15%
4%
4%
3%
0%
Didn’t have time to shop Other
16% 4%
Q10. Have you ever re-gifted a present? (Base: All respondents; n=1295) Q10A. Thinking of the last time you re-gifted a present, why do you think you did it? (Base: Re-gifted presents; n=718) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
7
Gift Giving Non-Monetary Ways to Give • Top non-monetary ways to give include homemade foods (59%) and handmade gifts (36%).
Homemade Foods
59%
Handmade gifts – Ex. Cards, ornaments, etc.
36%
NYC
BOS
S. FL
Phila
48%
59%
62%
56%
42%
38%
35%
31%
Personalized Photo/video/music gifts
31%
40%
24%
35%
27%
Experiences
29%
43%
28%
27%
28%
Time/Talent – Ex. Cleaning, babysitting, etc.
27%
33%
22%
26%
23%
12%
16%
14%
25%
NYC
BOS
S. FL
Phila
Other
16%
Preferred Gifts to Receive – Ranked Top 3 •
American tend to prefer receiving gift cards (62%), cash (59%), or a purchased gift (48%).
Gift cards
62%
57%
61%
63%
64%
Cash
59%
51%
61%
61%
66%
47%
49%
54%
41%
31%
36%
31%
24%
Purchased gifts/items
48%
Experiences
32%
Homemade Foods
28%
30%
29%
28%
29%
Handmade gifts – Ex. Cards, ornaments, etc.
26%
22%
22%
20%
23%
Personalized Photo/video/music gifts
18%
25%
18%
17%
19%
Time/Talent – Ex. Cleaning, babysitting, etc.
16%
15%
14%
12%
20%
22%
9%
14%
14%
Charitable Donation Gifts (made in your honor)
12%
Q11. What are non-monetary ways you give gifts? Q12. Thinking about what you'd like to receive during the holidays, rank the below in order of preference. (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
8
Gift Cards •
Gift cards are bought so that people can get “what they really want” (50%) and also because gift cards are easy/convenient to give (24%).
So people can get something they really want
50%
Easy/convenient
24%
NYC
BOS
S. FL
Phila
38%
59%
44%
49%
27%
20%
33%
27%
Too much pressure to pick something out
6%
6%
9%
5%
6%
I do not buy gift cards
6%
4%
4%
3%
7%
To stay within a budget
5%
6%
2%
7%
1%
Can get discounts
5%
11%
3%
4%
5%
Can buy in bulk
4%
6%
2%
3%
5%
2%
1%
0%
1%
Other
1%
Q13. What is the main reason you give gift cards as gifts during the holidays? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
9
Gifting & Stress •
•
Gifts for children tend to be easiest to buy (40%), though many still find buying them stressful (24%). Similarly, gifts for a significant other are the most stressful (35%) to buy, but at the same time, many find shopping for their significant other fairly easy (24%). The two categories, stress and ease of purchasing, are not necessary the inverse of each other.
Easiest Gifts to Buy
Most Stressful Gifts to Buy NYC
BOS
S. FL Phila
23% 18% 28% 26%
NYC
24%
37% 34% 35% 33% 35% 26% 15% 27% 17% 26% 23% 20% 25% 23% 18% 20% 14%
19%
9%
12%
7%
13%
9%
13%
7%
27% 26% 23% 19% 13%
8%
8%
26%
9%
20% 12%
17%
7%
11%
5%
26% 25% 33% 26%
Gifts for friends
23%
24% 20% 32% 29%
22%
Gifts for parents
19%
17%
Gifts for siblings
19% 14% 14% 11%
Gifts for service providers
13%
23% 16% 15% 14%
Gifts for grandparents
12%
19%
19%
5%
Gifts for extended family
12%
19% 11% 20%
9%
11%
11% 10% 12% 10%
23%
15% 9%
27% 21% 21% 13%
14%
11%
9%
27% 17% 29% 12%
Small gifts for those “not on the list”
10%
9%
43% 40% 37% 40%
24%
25%
14%
S. FL Phila
Gifts for my significant other
20%
13% 15% 16% 11%
40%
Gifts for my child/children
BOS
Pollyanna/White Elephant gifts Gifts for colleagues at work/school/other Gifts for your child’s friends/teacher/care worker
7%
9%
17%
8%
11%
4%
8%
18%
7%
12%
8%
Q14. Which gifts are the most stressful to buy? Q15. Which gifts are the easiest to buy? (Base: All respondents; n=1295) Indicates statistically higher than comparison group.
Indicates statistically lower than comparison group.
10
