U.S. consumers are expected to spend more on holiday shopping this year, and millennials likely will be the biggest spenders of all, according to a recent Accenture survey.
The 12th annual Holiday Shopping Survey, comprised of the online input of 1,500 consumers, found that Americans are expected to spend an average of $658 on holiday shopping this year, up from $632 last year.
Eighty-nine percent of respondents said they plan to spend as much (53 percent) or more than (36 percent) they did last year. Only 11 percent plan to spend less.
Interestingly, the demographic expected to spend the most is the very group so many retailers have long been trying to attract: millennials.
Older millennials will spend an average of $779 in the 2018 holiday shopping season.
Meanwhile, 49 percent of younger millennials said they plan to spend more this holiday season than they did last year. This is nearly four times the amount of baby boomer survey-takers (13 percent) who said the same thing.
(Accenture defines younger millennials as those ages 21 to 27, and older millennials are those 28 to 37 years old.)
The survey also indicated that retailers’ inclusion and diversity practices will play a key role in millennial purchasing decisions this season.
There were a number of findings supporting the theory that if a retailer isn’t committed to inclusion and diversity, members of the demographic will find another place to shop. Here are some of the highlights.
1. 54% of younger millennials surveyed believe retailers have a responsibility and duty to address wider social and political issues with regards to diversity.
2. 51% of younger millennials are more likely to shop at a retailer that demonstrates awareness of such issues.
3. Millennials said they’re more likely to choose one brand over another if that brand demonstrates inclusion and diversity when it comes to its promotions and offers (70%t of younger millennials and 69% of older millennials), in-store experience (66% of younger and 72% of older millennials), product range (68% of younger and 70% of older millennials) and environmental awareness (61% of younger and 57% of older millennials).
“Social media continues to be a real disruptor in targeting today’s consumers … Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers on their terms.” – Accenture Senior Managing Director of Retail Jill Standish.