Millennials Only Bright Spot on Holiday Spending: TrendSource
TrendSource released its 2017 Post-Holiday Report, which noted that every demographic, with the exceptions of millennials, maintained or decreased their holiday spending since last year. The data was collected between Jan. 1 and Jan. 16, 2018.
The report found that 60 percent of those interviewed spend the same or less for the holidays in 2017 than they did in 2016. The majority, 36 percent, spent between $251 and $500 on holiday shopping, down just slightly from 37 percent in 2016. “We suspect that growing uncertainty among consumers made a chunk of respondents a bit more conservative when it came to holiday budgets this year,” TrendSource noted.
Younger millennials were the only group where the majority indicated they had increased spending with 53 percent reporting their holiday spend went up.
Other highlights include:
- 57% of shoppers avoided brick-and-mortar stores in order to steer clear of crowds and traffic.
- Only 30% of respondents were even willing or somewhat willing to purchase their top gift choice without a significant discount. Only 20% of Baby Boomers were similarly inclined.
- Year-round shopping is down 10% since last year among all shoppers, meaning that more and more volume is concentrated in the months, weeks, and even days before the holiday.
- Nearly two-thirds (60 percent!) of all respondents did at least of their portion of their shopping via Amazon Prime. Nearly half of Silents (49 percent!) used Amazon Prime.
For more information about the report, click here.