Millennials Lead the Way on Holiday Season Luxury Buying Plans
This brief focuses on consumers’ plans for shopping during the upcoming 2015 holiday season, with a special look at consumers who are planning to buy luxury items or services as gifts during the remainder of this year. In this Insights brief, we focus on luxury holiday shopping among the three primary generations.
Clearly, Millennials lead the way with their plans for luxury holiday shopping, making up less than one third of all U.S. adults but more than half of all planned luxury shoppers. Adults in the oldest generation, the Seniors, who constitute only 13 percent of U.S. adults, represent only 2 percent of holiday luxury shoppers and are not addressed in this brief.
As for the top ten gifts on shopping lists, gift cards are number one overall, while personal electronics, toys, and jewelry also up there towards the top of the gift lists.
Beyond that, digital devices are playing an increasingly important role during this shopping season, with Boomers preferring personal computers as shopping aids, while Millennials are more likely than their older counterparts to use mobile phones and tablets to assist in their shopping.
Finally, the purse strings are definitely being loosened, as about one third of all planned luxury buyers are planning to spend more than last year, with Millennials leading the pack. Indeed, it currently looks like it should be a merry holiday season and a happy New Year for those who are selling luxury gifts.