From Home Furnishing Business
Millennials Look to Spend More on 2015 Holidays
While all Millennials intend on doing some holiday shopping in 2015, nearly two-thirds have established a budget for their spending this year, according to survey by Ypulse, a consumer strategy group focused on young adults.
Millennials intend to spend, on average, $352 on holiday shopping this year and their primary gift-giving recipient is their mother (84 percent). According to 2014 Census population estimates, there are 91.3 million Americans aged 13 to 33 which, when multiplied by this $352 holiday shopping budget, will result in more than $32 billion in holiday spending.
Seventy-one percent said shopping for siblings and 70 percent said shopping for their father is also on their lists.
Nearly three out of five Millennials have friends for whom to shop.
When it comes to what Millennials would like to receive, results varied dramatically between males and females.
Nearly a third of the guys would prefer technology, while 29 percent are hoping for cash or gift cards as a holiday gift. Lagging behind tech and money, Millennial males would like to receive clothing (12 percent) or books (9 percent).
At the top of the girls’ list—money or gift cards at 29 percent. Another 18 percent say clothing followed by technology (11 percent) or an experience (11 percent). When it comes to the article of clothing that they'd like to receive as a gift, 44 percent of Millennial females would like to receive a new pair of boots.
While retailers can expect more than three quarters (77%) of Millennials to shop on Black Friday and/or Cyber Monday, they should anticipate Millennials to be more cautious with their money than they were last year. Comparing purchase intentions to 2014, Millennials plan to spend 22 percent less on Black Friday and 21 percent less on Cyber Monday this year than they did last year.
Which retailers stand to gain the most based on Millennials' current plans? Amazon has displaced Walmart for the top spot on Black Friday and is crushing the competition on Cyber Monday. Best Buy has gained momentum, particularly among Millennial males, while Bath & Body Works and eBay have knocked department stores such as Macy's and Kohl's out of Ypulse’s top 5 retailer rankings this year.
Holiday traditions, particularly spending time with family and gathering for holiday meals are very important to Millennials, with signs that Millennials are conflicted when it comes to the reality of holiday shopping. When asked a series of agree / disagree statements, the top five sentiments expressed by Millennials (indicated by agreeing strongly or somewhat agreeing on a four-point scale) included:
• 86 percent agreed with the statement: I wish that retailers didn't play games with pricing – I just want what I want at a fair price
• 77 percent agreed with the statement: I enjoy the rush of buying something at a deep discount
• 75 percent agreed with the statement: I don't think its right for stores to be open on Thanksgiving
• 70 percent agreed with the statement: I wish that the holidays were less focused on gifts and gifting
• 68 percent agreed with the statement: I support companies that close their retail locations on Black Friday.