Many shoppers make big purchases at night, survey finds
Midnight shopping and unconventional self-gifting are among the shopping trends that have emerged ahead of the holiday season.
Forty percent of shoppers make their big purchases at midnight, as retailers now sometimes launch their best deals and flash sales in the middle of the night, according to a new consumer survey from digital financial services company Zip. Late-night shopping peaks among 25-34-year-olds, with 48% making purchases during midnight sales.
The Zip survey also reveals that self-gifting is on the rise. Forty percent of shoppers are buying themselves tech gadgets, while 23% of women prefer to splurge on beauty and spa products. However, unique items are on the rise as a form of self-gifting as well. Among the unique self-reported examples are White Sox tickets for the whole family, tattoos and night vision goggles.
[READ MORE: TD Bank: Holiday shoppers shifting from traditional presents to experiences]
Despite knowing them best, respondents reported spouses and children to be the most challenging people to shop for during the holiday season. Spouses top the list of challenging gift recipients, with 30% of both men and women saying their partner is the hardest person to shop for. Children present their own gift-buying challenge, with 11% of parents struggling to keep up with their kids' evolving preferences.
Zip’s survey revealed that gift guides are helpful for some, but not others. Gift guides are most popular with younger shoppers, as half (51%) of those aged 25-44 use them, along with 39% of those aged 18-24. Interest in gift guides declines with age, with only 30% of shoppers aged 45-54 using them, dropping further to 15% for those aged 55-64.
Other findings from the survey include the following:
- Over a third of Gen Z and millennial shoppers (18-34) are embracing “reward spending,” as 31% said they plan to spend more on gifts than in previous holiday seasons, while 54% said they’d spend the same as in previous years. Only 15% are cutting back.
- Black Friday and Cyber Monday remain popular shopping events, with 72% of consumers planning to participate. Men are most likely to go over their budgets during these sales (78%), followed by shoppers aged 25-34 (75%) and 35-44 (74%).
- 59% of consumers use short-term installment payment services for their holiday shopping.
- 23% of consumers stated they are more likely to shop with retailers that offer short-term installment payment options at checkout.
"Holiday spending is always a balance between financial discipline, the joy of giving, and the excitement of scoring discounts and deals," said Joe Heck, U.S. CEO of Zip. "Our research shows that while the looming sentiment around inflation is causing some shoppers to cut back, others are using flexible payment options like Zip to treat both their loved ones and themselves this holiday season.”
