Shopify: This generation has big holiday spending plans
A new survey from e-commerce platform Shopify reveals three categories of holiday shopper retailers should focus on.
According to the survey, most consumers plan to spend the same or more on holiday gifts than in 2018, with millennials, parents, and online shoppers most likely to increase their spend.
The majority of consumers say they will spend the same (56%) or more (27%) on their holiday purchases compared to 2018. Millennials (40%) are more likely to increase their spending, with Gen Xers (19%) and baby boomers (19%) less likely.
In addition, parents (36%) are more likely to increase their spending this year compared to people without children (20%). Consumers who plan to shop online-only (31%) or through multiple channels (28%) are more likely to increase their spending this year compared to those planning to shop in-store only (9%).
U.S. consumers plan to spend $940 on average during the holidays, with men expected to buy 31% more than women ($1076 vs. $820). Shopify says this disparity is likely due to men buying more electronics/computers, which tend to be more expensive. Parents plan to spend 64% more than consumers without children ($1222 vs. $747).
The vast majority (89%) of consumers plan to make their holiday purchases using at least one online device. Forty-one percent of consumers, and 60% of millennials, will use a smartphone. Meanwhile 71% of consumers will use a computer and 16% will use a tablet. Millennials are almost twice as likely to shop for the holidays via smart home device (14%) than overall consumers (8%).
Seventy-one percent of consumers will also do at least some holiday shopping in-store, with a slightly lower percentage among millennials (67%).
Other interesting data points include:
- Six in 10 consumers (61%) plan to buy both online and in-store. About three in 10 (28%) of consumers plan to do their holiday shopping exclusively online, while 11% plan to shop exclusively in-store.
- Almost half (49%) of consumers say they will research holiday gifts online and buy in-store (57% among millennials, 56% among parents, and 50% among Gen Xers).
- About four in 10 (38%) consumers plan to buy online and pick up in-store (54% among parents, 49% among millennials, and 38% among Gen Xers).
Shopify conducted an online survey among 1,008 U.S. consumers between December 3-5, 2019, with sample provided by Maru/Blue.