Home > Consumer Behavior & Trends, Executive Briefing, Holiday Shopping, Monthly Consumer Survey > Generation Gap: Holiday 2012 Spending Preview

Generation Gap: Holiday 2012 Spending Preview

Christmas in July?

With the Back-to-School shopping season just around the corner (or already here according to some of the ad circulars I received over the weekend), we’ll soon be looking ahead to that all-important holiday shopping season. And while spending specifics are still a little off on the horizon, we queried the 8500 consumer respondents in our July Monthly Survey about the direction they anticipated their holiday gift budgets to take for 2012: north, south, or even keel from the previous year.

While nearly three out of ten (28.1%) admitted that it was too early to tell, among those with a budget in mind, 10.2% are planning to spend more this year compared to last (up from 6.5% in Jul-11). Before you start ringing those jingle bells, though, keep in mind that the vast majority of shoppers plans to spend at (46.3%) or below (43.4%) their 2011 gifting budgets. Of course, holiday 2012 spending plans vary by generation*, which brings me to the subject of this post.

Among shoppers with spending expectations in mind, it appears that Gen Y will be the most generous this year compared to last. Nearly one in five (17.9%) of these youngsters is planning to spend more on gifts this year; this figure declines as age increase, with just 1.1% of the Grinches Silent generation boosting their budgets this year. Perhaps it’s the holiday excitement felt among Gen Y – and even Gen X – which lends itself to Santa-like spending outlooks this year.

Based on your present situation and feelings toward the economy, which of the following best describes your plans for the December Holiday Season?

Among shoppers in general planning to spend less, three out of five (58.9%) stated that they were simply going to cut budgets across the board. A large proportion is also planning to buy gifts only on sale (41.3%) or do more comparison shopping (33.5%) – so it looks like mobile devices may play key roles for these shoppers this year. #showrooming

You said you were planning to spend less on holiday gifts this year, which of the following are you doing?

Plans for spending less become all the more interesting when we look at this data divvied up by generation:

Not on Sale? Not for Me: Boomers (45.6%) and Silents (43.7%) are the most likely to scrimp on budgets by only buying on sale. Gen Y (35.9%) is the least likely to be swayed into saving using this method.

Pause My Purchase, Please: One out of ten of those in Gens X (9.6%) and Y (10.9%) are curbing gift budgets by utilizing layaway a bit earlier this year. This number drops with advancing age; just 3.9% of the Silent group plans to put gift purchases on hold.

This is Pinteresting: Nearly three out of ten (29.4%) Gen Y-ers plan to pinch the pennies by making homemade gifts. Gen X indexed on average, while Boomers and Silents are less likely to do so. Perhaps this social media site is inspiring more DIY-ers among the younger generation?

Stay tuned…the holiday shopping season is shaping up to be pretty interesting this year.

For more information on this data, please contact BIGinsight™.

* Generations were defined for this analysis in the following manner:

Silent (born 1945 or earlier)
Boomers (born 1946 – 1964)
Gen X (born 1965 – 1982)
Gen Y (born 1983 – 1993)

Source: BIGinsight™ Monthly Consumer Survey – JUL-12 (N = 8509, 7/2 – 7/9/12)

© 2012, Prosper®

BIGinsight™ is a trademark of Prosper Business Development Corp.

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