Gen Z holiday spending trends<\/a>\u00a0in 2023, we decided to zoom out this year and bring millennials into the mix \u2014 surveying 700 young Americans aged 17-43 on their holiday spending, budgeting, and gift giving.\u00a0<\/p>Is Buy Now, Pay Later (BNPL) becoming a preferred form of payment to afford holiday gifts? Are holiday PR unboxings and influencer hauls\u00a0actually<\/em>\u00a0helping people get gift ideas? Would young Americans consider foregoing their Netflix subscription to avoid holiday debt? Read on to find out.\u00a0<\/p>\u200dSEASONS GREETINGS\u2014FROM AMAZON PRIME DAY\u2026<\/strong><\/h2>- Just over half (51%) of young Americans are spending a quarter or less of their monthly income on holiday gifts and experiences, with 24% spending up to half. That said, two thirds have noticed smaller spending limits for gifts amongst friends, family and holiday games like White Elephant and Secret Santa (comparing 2020\u2014now).\u00a0<\/li>
- 79% are now thinking about gifts earlier in the year in order to shop better sales and save more money. Of the 63% who said they have already utilized major retailer events to buy holiday gifts this year \u2014 Amazon Prime was the most shopped sale, followed by 41% already starting to utilize Black Friday deals.\u00a0<\/li>
- Given the rising cost of living, 48% feel they may rely more on Buy-Now-Pay-Later (BNPL) options to purchase holiday gifts this year.\u00a0<\/li><\/ul>
THERE\u2019S NO PLACE LIKE HOME FOR THE HOLIDAYS (LITERALLY)\u00a0<\/strong><\/h2>- When it comes to holiday travel and events, over half (56%) are planning to cut back on dining out or holiday parties to stay within budget, with 64% likely to downsize their travel plans due to rising airfare and accommodation costs.\u00a0<\/li>
- Half of young Americans would consider picking up a side hustle to cover holiday expenses, with almost a quarter (16%) having already picked up a secondary source of income for this reason. When asked what this side hustle is\/would be \u2014 DoorDash took the cake (22%), followed by Uber Eats (21%).\u00a0\u00a0<\/li>
- 64% are considering giving up streaming services (like Netflix, Hulu, Spotify) to avoid post-holiday debt, with 72% considering the \u2018Buy Nothing\u2019 challenge as a way to cut back on unnecessary spending this season.\u00a0<\/li><\/ul>
\u2018TIS THE SEASON TO SHOP SMALL\u00a0<\/strong><\/h4>- Almost half of young Americans (48%) feel like they\u2019re more likely to consider second-hand gifts or budget-friendly alternatives this year due to rising costs.\u00a0<\/li>
- 53% are also likely to prioritize sustainable and locally-made gifts, even if that means they cost more than other traditional options. To no surprise, Gen Z are more likely to go this eco-friendly and small business route than Millennials (59% versus 51%).\u00a0\u200d<\/strong><\/li><\/ul>
\u200dALL I WANT FOR CHRISTMAS IS DUPES<\/strong><\/h4>- When asked about the helpfulness of social content for discovering holiday gift ideas, almost half (47%) said it\u2019s not helpful, with 32% liking shopping hauls.\u00a0<\/li>
- For Gen Z, the preference for holiday shopping social content is \u2018dupe videos\u2019, whereas for Millennials, it\u2019s \u2018PR unboxings\u2019.\u00a0<\/li>
- Unsurprisingly, Gen Z is also more likely to consider TikTok Shop and Instagram for holiday shopping than Millennials (44% versus 33%).\u00a0<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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