As the holiday season draws near, NPD Group analyzed the anticipated holiday spending plans of each generation. And, it found, each generation’s holiday shopping plan looks different, according to insights from the 2019 Holiday Purchase Intentions Survey from The NPD Group.
“No consumer can be left behind in today’s increasingly competitive retail environment where shoppers demand a more personalized approach than ever before,” said Marshal Cohen, chief industry advisor, The NPD Group. “In order to win the holiday retail battle, marketers need to address holiday shoppers across every generation, and also make them feel like they matter.”
According to the survey, Gen X will be leading the way in terms of spending money. The survey revealed they are the most likely generation to buy clothing/accessories (68%) and entertainment items (44%), and most likely to shop mass merchants (51%) and online pure-plays (77%). About one-fifth will start shopping on Black Friday.
While Gen X will be spending the most, Boomers will be first in line to purchase. According to the survey, 57% of Boomers plan to start shopping before Thanksgiving). They plan to spend the second highest amount of all generations and overall spending will stay the same as last year. They are more likely than all other generations to shop department stores (24%) and national chains (27%), but they are also most likely to purchase liquor or wine as holiday gifts (26%).
Millennials will be looking for steals and deals this year at the cash register, according to the survey. While they plan to spend less than Boomers and Gen X, spending is anticipated to be on par with 2018 amounts. This generation is most likely to shop online and in Dollar Stores. Millennials and those in The Silent Generation are anticipated to spent an equal amount of money on holiday gifts.
Gen Z will be getting in on the holiday shopping action this year, too. According to the survey, about one-third will start shopping on Black Friday, the highest of all generations. Gen Z-ers are less likely than Millennials and Gen X to shop online, but they are likely to buy clothing, accessories, and electronics. Many plan to spend more this year than they did last year.