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BizReport : Ecommerce archives : September 21, 2016

54% of Millennials plan to spend significantly more this holiday season

There are 13 weeks until Christmas, but many shoppers have already begun their holiday shopping. Among those are Millennials who, according to Rubicon Project's latest poll, plan to spend considerably more this holiday season than last year.

by Helen Leggatt

Almost half (39%) of Millennials polled for Rubicon Project's second annual Holiday Consumer Pulse Poll said they had already begun making purchases in preparation for the holiday season.

According to the poll, 54% of Millennials plan to spend a lot more this year than last - 33% more to be exact. Last year, Millennials spent, on average, $1,072, last year. This year their spend is set to average $1,427 which, says the report, "makes them a driving force for the overall year-over-year increase in spending".

Nearly three-quarters (72%) said they plan to shop online for holiday purchases, while 58% said they plan to shop on their mobile devices. More than a quarter of Millennials (28%) do not plan on visiting a physical store during the holiday season, relying instead on online and mobile shopping. Online-only shoppers said they will be shopping for gift cards (64%), apparel and accessories (57%), toys (46%) and technology (37%).

The holiday season, it seems, is not all about giving. Two-thirds (64%) of Millennials said they planned to buy at least one gift for themselves this holiday season. While men said they planned to spend $407 on themselves women planned spend $242.

"With Americans shopping earlier and spending considerably more this year than last, retailers have a unique opportunity to target shoppers across a variety of media and platforms," said Harry Patz, Chief Revenue Officer at Rubicon Project.

"The research shows that parents and millennials in particular will be two key drivers behind this year's increase in holiday spend."

Tags: consumer spending, holiday 2016 shopping trends, Millennials, mobile, research

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