If your target market is young people in their twenties, a new Shopify survey has indicated these businesses might thrive this festive season.
The Gen Z generation feels generous enough to spend more money than last year. 37% of the participants say they will be less money-conservative this year. Three in four holiday shoppers (74%) plan to spend about the same or more on fights in 2023 than the year before.
Planning for seasonal shopping is already in full swing. Many say October is the month shoppers start roaming the web and shopping for gifts.
A generous Christmas
The harsh economic climate, inflation, and tighter spending might have been a challenging year for businesses, but significant opportunities await this festive season.
According to the Shopify-Fallup Holiday Shopping Pulse, only 39% of the nearly 2,000 Americans surveyed last month wait for November before they start shopping. One in five are holding strong until December. Most people plan to start shopping by the end of the month.
Gen Z fueling economy
The youngest shoppers are shaping up the most resilient spenders this year. They are aged between 18 and 29. Nearly double the average amount of people surveyed last year are expected to spend more this year.
This younger generation tends to be more receptive towards holiday deals. Nearly half of them say they would probably start shopping earlier if retailers rolled out holiday deals and promotions earlier.
“That’s a wake-up call for retailers to make better use of earlier deals specifically to cater to this group. While younger shoppers aren’t the only ones who could be persuaded by earlier discounts, the average across all age groups was much lower, at 28%,” states Shopify.
Almost half of this age group says they’ll buy at least some gifts through social commerce, compared to one-third of all US holiday shoppers.
Supporting small businesses
The Shopify survey indicates that shoppers want to support small businesses.
“Nearly one in four (23%) shoppers rank shopping with small and local businesses the top reason they choose one retailer over another,” reads the survey.
There are also great opportunities in the online space. Shopify says: “Brick-and-mortar stores are open for business, but the lion’s share of this season’s shopping could occur online. Almost everyone (93%) will buy at least some gifts online. Nearly half (47%) indicate they will purchase all or most of their holiday gifts online.”
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About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
