A recent market study has found that most consumers are only willing to spend about the same amount that they had spent last year during the holiday shopping season this year also. But the demographic segment that is most likely to exhibit an enhancement in spending are young adults in the age group of 18 to 24 years, shows the new survey released by the National Retail Federation and Prosper Insights & Analytics.
“This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists,” the study says.
“As Gen Z and Millennials gets older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers,” NRF President and CEO Matthew Shay said. “This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists,” it adds.
While 24 percent of customers surveyed said that they are planning to spend more than what they did last year at the same time, about 54 percent of the respondents on the overall are unwilling to spend more than what they did last year. But 46 percent of consumers in the age group of 18-24 years want to expend more than last year. And 39 percent of the respondents in the age bracket of 25-34 years old also plans to spend more.
Noting the same figure as last year, 61 percent of the respondents said that they would be purchasing clothing and accessories. But this year 3 percent more customers compared to last year, plans to give gift cards. 44 percent consumers would also gift books, music, movies or video games, while 41 percent plan to gift toys which is lower than the 42 percent last year.
“With an additional full shopping weekend this December, consumers will have plenty of time to browse and complete their holiday purchasing, whether it’s gifts for others or décor for their homes,” Prosper Principal Analyst Pam Goodfellow said. “Gift cards continue to be a popular low-risk option for gift givers, and this year we’re seeing food increase in favor as well. As Americans look to celebrate with even more of the special people in their lives, food serves as a great way to come together.”
In an interesting revelation, 80 percent of Americans shopping this year also want to spend time with family or friends while 50 percent plan to create some form of special meal or festive treats for near and dear ones and 63 percent Americans sopping have made plan to give or open gifts.
In addition to all of these, the study found that donating money to charity or a cause was being planned by 38 percent of consumers while another 37 percent intend to donate items which would include holiday meals for those families that are in need.
(Source:www.businesswire.com)
“This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists,” the study says.
“As Gen Z and Millennials gets older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers,” NRF President and CEO Matthew Shay said. “This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists,” it adds.
While 24 percent of customers surveyed said that they are planning to spend more than what they did last year at the same time, about 54 percent of the respondents on the overall are unwilling to spend more than what they did last year. But 46 percent of consumers in the age group of 18-24 years want to expend more than last year. And 39 percent of the respondents in the age bracket of 25-34 years old also plans to spend more.
Noting the same figure as last year, 61 percent of the respondents said that they would be purchasing clothing and accessories. But this year 3 percent more customers compared to last year, plans to give gift cards. 44 percent consumers would also gift books, music, movies or video games, while 41 percent plan to gift toys which is lower than the 42 percent last year.
“With an additional full shopping weekend this December, consumers will have plenty of time to browse and complete their holiday purchasing, whether it’s gifts for others or décor for their homes,” Prosper Principal Analyst Pam Goodfellow said. “Gift cards continue to be a popular low-risk option for gift givers, and this year we’re seeing food increase in favor as well. As Americans look to celebrate with even more of the special people in their lives, food serves as a great way to come together.”
In an interesting revelation, 80 percent of Americans shopping this year also want to spend time with family or friends while 50 percent plan to create some form of special meal or festive treats for near and dear ones and 63 percent Americans sopping have made plan to give or open gifts.
In addition to all of these, the study found that donating money to charity or a cause was being planned by 38 percent of consumers while another 37 percent intend to donate items which would include holiday meals for those families that are in need.
(Source:www.businesswire.com)