Holiday shoppers are planning to spend more than last year.
A new set of consumer data exclusively released to Chain Store Age offers hope to retailers looking for a happy holiday season.
According to the recent survey of more than 1,000 shoppers conducted by artificial intelligence consulting firm Ankura, 24% of respondents had already started holiday shopping as of early October and 98% expect to start before mid-December, consistent with 2023 patterns.Â
Younger respondents (Gen Z and millennials) are trending more toward earlier shopping compared to 2023. Only 23% of respondents plan to spend less this holiday season, a significant decrease from 31% in 2023, while 58% intend to maintain their spending at the same level as 2023.
Younger respondents, particularly Gen Z, are more inclined to increase their spending year-over-year during this holiday season.Â
In terms of holiday shopping events, Amazon Prime Day has become the most popular, with 49% of respondents participating, surpassing Black Friday, which attracts 46%. Among surveyed online shoppers, Amazon Prime Day is particularly popular, with 56% showing a strong preference for it
[READ MORE: Amazon Prime Day crushes records with $14.2 billion in sales]
More than four in 10 (43%) respondents take part in Cyber Monday. Surveyed in-store shoppers are less inclined to participate in these peak holiday shopping days
When it comes to payment methods, 60% of respondents plan to use cash or debit cards for holiday purchases, while 41% intend to use credit cards. Gen Z and millennials respondents showed an especially strong preference for cash and debit options, with 69% and 65% respectively choosing these methods.
In addition, buy-now-pay-later services are gaining popularity among younger generations, with 47% of surveyed Gen Z and 40% of millennials expecting to increase their usage of these services.
The survey also indicates that the influence of social media on holiday purchases has slightly decreased, with 27% affected in 2024 compared to 34% in 2023. Two-thirds (65%) of respondents are influenced by loyalty programs when choosing where to buy gifts, with surveyed members of the silent generation (born 1928- 1946) less motivated than other age groups.