GEN Z AND MILLENNIALS TO START SHOPPING ON BLACK FRIDAY
A new survey from the NPD Group, conducted among US respondents and called “The Holiday Purchase Intentions Survey”, produces some fascinating insights about how each generation – from Gen Z to Boomers – plan to spend their money this upcoming holiday season.
Gen Z consumers (born between 1995 and 2015) are all about Black Friday (November 29) deals. About one third of Gen Z will start shopping on Black Friday – the highest share of all generations. They are likely to buy clothing, accessories, and electronics.
Millennials (22-37 years old) plan to spend less than Gen X and Boomers, but one-third plan to spend more than they did in the holiday season of 2018. More than 20% of them will start shopping on Black Friday – second only to Gen Z. Most of them will shop online, while 46% of them plan to buy electronics, and 19% plan to shop Dollar Stores.
Gen X shoppers (38-53 years old) plan to spend more than any other generation, mainly on clothing/accessories (68%) and entertainment items (44%). About 20% will start shopping on Black Friday, 51% plan to shop mass merchants and 77% plan to spend on online pure-plays.
57% of Boomers (54-72 years old) plan to start shopping early, before Thanksgiving, and they will likely spend less than Gen X consumers but more than all other generations. Boomers will spend more than any other generation in department stores (24%) and national chains (27%), but they are also most likely to purchase liquor or wine as holiday gifts (26%). About 50% of them will shop online.
A recent survey published by the National Retail Federation (NRF) has predicted that holiday retail sales during November and December 2019 will rise 3.8%-4.2% year-on-year to total between $727.9 billion and $730.7 billion. The NRF further said that online and other non-store sales (included in the total) are predicted to rise 11%-14% to between $162.6 billion and $166.9 billion. In 2018, that figure totaled $146.5 billion.