Holiday wish lists have a lot more spending
Gen
Z and millennials
to
spend more in holiday season!
Holiday
shopping is in full swing and consumers still have a lot more spending to do as
they check off every item on their holiday wish list, according to a new
consumer sentiment survey released by the National Retail Federation and
Prosper Insights & Analytics.
“This
holiday season retailers will experience the growing purchasing power of Gen Z
and millennials,” NRF President and CEO Matthew Shay said. “Whether they are
still in college or raising children, these consumer groups embrace the
tradition of prior generations and take full advantage of Thanksgiving weekend
deals both online and in stores.”
While
77 percent of all consumers surveyed said they would spend the same or more
this year, 43 percent of young adults ages 18-24 and 38 percent of those 25-34
said they would spend more. Only 9 percent of those 65 and older are planning
to spend more.
“Americans
continue to engage in holiday traditions like spending time with family and
friends, exchanging gifts and cooking a special meal,” Prosper Executive Vice
President of Strategy Phil Rist said. “But today those traditions include going
online to research products and compare prices to make informed purchasing
decisions.”
The
survey found that 50 percent of consumers who own smartphones or tablets said
they would use them to research their holiday purchases. Consumer payment
methods for purchasing holiday gifts remain consistent with 2017. Credit cards
continue to be the most popular form of payment, used by 42 percent of
shoppers.
Debit
cards are a close second, used by 39 percent, while 17 percent of consumers
plan to pay with cash and 2 percent will use checks. Forty-four percent of
consumers plan to use emerging payment methods. Those methods include PayPal
(35 percent), Apple Pay (8 percent), Samsung Pay and Google Wallet (tied at 5
percent) and Venmo (4 percent).
In
addition to shopping, seven in 10 holiday shoppers plan to engage in charitable
activities including donating money and items to a charity or cause. Of those
donating, 78 percent said it would have no effect on their overall holiday
spending. Older generations are more likely to donate financially, while
younger consumers lean more toward tangible donations.
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