The holidays are here and both retailers and consumers are looking to make this shopping season one to remember. An estimated 151 million people shopped in-store or online on Black Friday, and that’s just the beginning. While final sales numbers remain to be seen, it’s undeniable that holiday spending affects everything from the national economy right down to the individual households that make these huge numbers possible.
This installment of ShopTalk is dedicated to what really matters to shoppers this holiday season. What’s at the top of their lists and what’s not? How differently do the shopping lists of Millennials, Gen Xers, Baby Boomers, and Retirees look? And who is anticipated to spend the most holiday dollars in 2015? Vantiv teamed up with Socratic Technologies to conduct an online survey of 500 consumers and here are the results.
Gift cards, clothing, and books are hot holiday gifts.
A whopping 50% of respondents said that they will buy gift cards this holiday season. Clothing is a close second at 45%, followed by books at 31%.
Only 8% of respondents plan to buy wearable technology (Fitbit, Apple Watch, etc.) for holiday gifts. TVs (9%) and cell phones (12%) are also low on shoppers’ lists.
The average consumer plans to spend about $600 on holiday gifts this season.
For 11% of respondents, this represents an increase in their spending from last year. For 17% of respondents, this represents a decrease in their spending from last year.
Retirees lead the way in anticipated spend.
The average Retiree plans to spend approximately $725 this holiday season. Gen Xers plan to spend an average of $675, Baby Boomers $545, and Millennials $515.
Different generations approach gift-giving differently.
- Gen Xers are significantly more likely to purchase board games and video games compared to older consumers (Baby Boomers and Retirees)
- Nearly one-third of Millennials are likely to purchase personal electronics for holiday gifts, significantly higher than other categories of consumers (Gen Xers, Baby Boomers, and Retirees)
- Nearly one in four Gen Xers are likely to purchase “experiential gifts” such as theatre or sports tickets for the holidays, significantly higher than older consumers (Baby Boomers and Retirees)
If Santa accepted payments, he’d prefer cash.
Just for fun, the survey asked respondents what types of payments Santa would most likely accept. Here are their predictions:
- Cash – 54%
- Credit Card – 47%
- PayPal – 40%
- Debit Card – 38%
- Milk and Cookies – 37%
- Santa Pay – 24%
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