Heartbeat discovers that millennials are 2 times more likely to holiday shop online and a majority plans on spending up to 500 dollars gifting this year.
Just in time for holiday shopping, Heartbeat announces the results of its user survey which shows millennials prefer to shop online over in-store and the majority plan on spending more than 100 dollars on gifts this year. The study also supports a notable shift toward a sharing economy as most millennials want experience gifts, like concerts or trips, over owning things.
- 83 percent of millennials will shop online on Black Friday but only 51 percent in-store
- 58 percent shop for all holiday gifts online; 22 percent go to the mall
- 48 percent will spend 100-500 dollars on holiday gifts this year, 16 percent will spend more than 500 dollars, and 10 percent claim they will spend “more than they want to say”
- 90 percent want to receive an experience gift vs. a product; only 46 percent have ever given an experience gift
- 89 percent have purchased a gift through their phone
This data provides insight into the upcoming generation of consumers and was collected from more than 13,000 responses on Heartbeat’s in-app surveys. It comes in the wake of a new reality in which technology rules all, millennials have a decreased desire to own goods and are renting or borrowing more often, and despite college loans they still manage to succumb to the pressure of holiday spending.
“While we see millennials are leaning toward a no-ownership mindset, they continue to purchase mass amounts of goods to give during the holidays,” said Brian Freeman, CEO and Co-Founder of Heartbeat.
However, 90 percent of millennials want to receive an experience over a product. So, why does this debt-riddled generation continue to spend so much on tangible goods with only a minority having actually given an experience gift? Shopping for older family members or last-minute buys could play a role, but ultimately it comes down to ease.
Online shopping has taken the retail industry by storm, leading to what some have called the “retail apocalypse” with major national chains closing more and more stores each year. It’s clear that online retailers provide the freedom and efficiency that proves attractive during the busiest time of the year and that is hard to beat for struggling brick and mortar stores. On Black Friday, for example, more than 83 percent of survey respondents report they intend to shop the discounted prices online with only 51 percent planning to purchase in-store.
While millennials continue to favor online shopping, we’re also starting to see an increase in connected device usage as 40 percent of millennials plan to use a voice device to order gifts this year.