Millennials to be biggest spenders this holiday season: Accenture
The twelfth annual Accenture Holiday Shopping Survey predicts that US consumer spending will increase with this year’s sale season and that millenials will be the biggest spenders, influenced by inclusion and social media platforms.
According to market research firm, the latest Accenture Holiday Shopping Survey found that Americans will spend on average $658 on holiday shopping this year, an increase from an average of $632 last year.
The survey also found that nine-out-of-ten plan participants to spend as much as or more than last year. Older millennials plan to spend around $779 during the holidays, with 49 percent of younger millennials also planning to spend more this holiday season than last year. Only 13 percent of baby boomers, on the other hand, expected to spend more this season.
Although millennials are expected to spend big this coming sale season, there are several factors that the survey found are important to them. Retailers’ diversity practices regarding gender, age, ethnicity, and disability will play a significant role in deciding where millennials spend their money.
A total of 54 percent of millennials in the survey opined that retailers have a social and political responsibility regarding diversity and 51 percent of younger millennials stated that they are more likely to seek out retailers that demonstrate an awareness of this.
Seventy percent of younger millennials said that they would be swayed by one brand over another if it included diversity and inclusion in its promotions and offers as did 69 percent of older millennials. In-store experience, product range, diversity in the workplace, and environmental awareness were also found to play a role in millennials’ purchasing decisions.
Along with corporate responsibility and diversity, Millennials will be influenced by social media for their holiday spending.
“Social media continues to be a real disruptor in targeting today’s consumers, who are spending a great deal of time in these channels and naturally want to be able to purchase directly, through the click of a button,” said Jill Standish, the senior managing director and head of Accenture’s Retail practice.
“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 quizzed 1,500 US consumers online from various demographics. The survey split its respondents into categories based on gender and age group.
Younger millennials are classed as those aged 21 to 27 and older millennials are classed as aged 28 to 37.
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