The holidays are quickly approaching, and brands are preparing for the busiest shopping season of the year. As busy consumers complete last-minute holiday shopping for their loved ones, brands are increasingly looking for new and innovative ways to reach these holiday shoppers. However, in order to understand what consumers are looking for this holiday season, brands must understand the changing trends associated with holiday shopping within the marketplace as well as the consumer philosophies behind these trends.
Increased Spending
One such change in the market this holiday season is the actual amount of revenue that will be generated by holiday shopping. Research has shown that during this holiday season, overall spending will largely increase. While retail sales have been predicted to grow this holiday season, the biggest growth rate in spending is projected to be in the online industry. In fact, industry predictions show that online holiday shopping will surge by almost 17% from last year, according to eMarketer.
This migration toward online sales growth seems to be widely influenced by the Millennial and Gen Z generations who have grown up with technology and view it as more convenient and accessible than retail stores. Brands hoping to capitalize on this shift toward online holiday shopping should make certain that their mobile apps are visually appealing and user-friendly and that their marketing strategies target primarily digital audiences.
Millennial and Gen Zers’ Holiday List
In order to understand just what Millennials and Gen Zers will be spending their money on this holiday shopping season, YPulse decided to conduct a survey of 1,000 Millennials and Gen Zers between the ages of 13 and 35. Their resulting responses provide valuable insight into what these generations will be spending their money on this holiday season.
Money
Based off of the YPulse survey of 1,000 people, both Millennials and Gen Zers reported that the top item on their wishlist this holiday season is money. Rather than desiring physical items from various brands, both of these generations desire cash. Perhaps in response to the growing economic uncertainty or a volatile social climate, both Millennials and Gen Zers would prefer to have money than the newest iPhone or the most popular clothing trend.
While the desire to be given money for the holidays was prominent among Millennials and Gen Zers, interestingly, the age bracket that responded the most with money as being the top item on their holiday wishlist was individuals between the ages of 18 and 20. With overall rising education costs and an increase in the cost of living, it is no surprise that adolescents of student age are the group most likely to ask for money for the holiday season. Brands seeking to reach