The holidays are upon us which means shopping has begun! From the popular iPhone X, to the creepy but intriguing Hatchimal, to the “Marty McFly”-esc LED Sky Board, there’s no doubt people are opening up their wallets this holiday. In fact, according to CNBC, Deloitte projects retail holiday sales will top $1 trillion within the next three months, resulting in a 4.5% increase from last year.
So we know what the big guys think about this year’s spending projections. But how much do consumers anticipate spending this year? Where do they plan on spending it? And, most importantly, who will be on the gift receiving end? We tapped into holiday consumers to better understand their spending intentions this year.
On average, consumers have set budgets of $500 for their Holiday gifts. Of those we surveyed, 55% report that their budget is the same as last year and 25% claim they have increased their budget since last year. With only 20% claiming they have decreased their budget from last year.
It’s no surprise that people have their favorites when it comes to friends and families. More than 65% claim they will be buying gifts for their significant others. Meanwhile 58% plan on spending on their parents and 45% plan on spending on their siblings. Due to this, consumers also claimed that they will be spending most of their holiday budget on their significant others, parents and siblings.
In-Store Gifts a Thing of the Past
It comes as no surprise that 63% of consumers plan on purchasing their gifts online instead of in stores, and 52% claim they will be spending their budget mostly on Amazon. The remainder will primarily be filling Target and Walmart shopping carts. ,
Homemade gifts are generally a favorite type of gift amongst 18-24 year olds with 17% planning on purchasing homemade gifts on websites, such as Etsy, and 7% making their own homemade gift. Only 6% of these Gen Zers still plan on buying store made gifts.
In terms of gift types,, many claimed they were more likely to purchase clothes followed by entertainment items, then electronics. Generally people are steering away from purchasing kitchen items,appliances, and other home focused gifts.
Although holiday shopping can be stressful, good news— if you’re a significant other, parent, or sibling (which by the laws of nature, chances are you are), more than likely you’ll be on the receiving end for gifts. If the gifts are coming from someone on the younger side (high school/college age), you’re more than likely getting a personalized bead bracelet or handmade tie. If you are still looking over your holiday list wondering what to get your family and friends, check-out electronics and entertainment gifts. Just make sure you do it quickly because, undoubtedly, there will be several other shoppers filling up their virtual and real shopping carts with the same gifts as you.