According to a survey that was commissioned by Samba TV as part of its yearly report about the holiday shopping season and conducted by Harris X, 83% of Millennials say they’re planning to do more online shopping this time around. With all of that having been said and now out of the way, it is important to note that they will be spending just under $1,500 on average, or $1,474 to be precise.
This just goes to show that the younger generation is turning into the single most consequential cohort for businesses that want to turn a profit during this time of the year. Millennials are intending to spend around $600 more than other sections of the consumer class, and 40% of them stated that they are able to do so thanks to their improved financial circumstances.
When looking for gift ideas, both Millennials as well as members of Gen Z tend to take a similar approach namely by heading on over to social media. Facebook was the most popular platform to find gift ideas for Millennials followed by YouTube and finally TikTok. As for Gen Z, TikTok took the top spot followed closely by Google, while Facebook was nowhere to be seen.
In spite of the fact that this is the case, Instagram made an appearance in third place which indicates that Meta has at least one platform that can cater to the younger crowd. It will be interesting to see how these findings reflect in the earnings report that will come out in the aftermath of the holiday shopping season that is around the corner.
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by Zia Muhammad via Digital Information World
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