The Truth About Millennials Holiday Shopping Habits
It’s a commonly held belief that younger people do more shopping online than in brick-and-mortar stores.
Deloitte’s 2017 Holiday Retail Survey confirms that trend, noting that Millennials do most of their holiday shopping online.
The survey also found that the younger Generation Z (10- to 17-year-olds) spent 61% of their holiday budgets online and just 35% in stores. Generation X shoppers spent 52% of their budgets online, Baby Boomers spent 48%, and seniors spent just 33%.
However, Deloitte’s holiday survey might not reflect year-round spending habits. Back in September, research firm First Insight claimed that 71% of Millennials visit multiple brick-and-mortar stores to find the best deals, compared to just 57% of Baby Boomers.
Back in June, CouponFollow found that 76% of Millennials “browse the internet before buying anything.” Of those, 67% buy the product from a brick-and-mortar store, while just 33% make the purchase online.
Millennials don’t necessarily prefer shopping online, but many find that it’s simply less time consuming than trekking to a physical store. The nation’s 75 million Millennials now outnumber Baby Boomers, with their buying power this holiday season projected to total $85 billion — nearly 10% of the $1 trillion forecast to be spent overall, tracking service Nielsen says. The 86 million Americans coming up behind them, mostly teenagers or teenyboppers now, will potentially pack an even greater consumer punch.