Holiday Spending Study 2016
As the leaves change color and the air starts becoming a bit crisp, we are reminded that holiday season is approaching yet again. So many of us look forward to the seasons of giving thanks and gift giving to our friends, families, and loved ones. In preparation for this wonderful time of the year, BuzzMG reached out to its expansive network of 37,000 buzzSpotters from all over the country to understand how Millennials will approach, understand, and plan for holiday shopping. Here is what we found.
1. Shoppers are preparing and planning with a purpose.
Shoppers are prepared. They know exactly what they want, as 83% make lists of items before holiday shopping instead of making decisions on the fly. They also know how much they want to spend. To that effect, over half (56%) will set a maximum budget for their holiday shopping in order to stay disciplined. However, they don’t plan on tightening their budgets this year, as 61% plan to spend approximately the same amount as last year and 26% plan to spend more than last year.
2. Shoppers are reassured by research.
We know that our Millennial shoppers, in particular, are driven by quality and value, as 100% consider quality and 97% consider value as key factors during purchase. As a result, they are conducting plenty of research before heading into stores to make their final purchases because they want to make sure that they get it right. 93% plan to do comparative shopping online before going to a physical store, and 85% actively consider product reviews before buying a product.
3. Shoppers are dedicated to devices.
Although shoppers are still interested in visiting brick-and-mortar stores to do their holiday shopping, more and more are turning to online retailers to ensure that they get the perfect gift. While 79% plan to shop at department stores, 74% plan to shop at discount retailers, 71% plan to shop at standard retailers, and a whopping 94% opt to buy products online through their computer or laptop. Even smartphone and tablet purchases are on the rise, with 58% and 36% respectively.
For more insights on the upcoming holiday season and the role of the Millennial demographic, click here to view our buzzReport!