Nov 18 2015
The official kick-off to holiday shopping is just one week away, and Millennial consumers’ plans for spending will be a major factor in what retailers and brands succeed this season.
We surveyed 1000 Millennials 13-33-years-old to get their spending predictions, their gifting budgets, holiday wishlists, Black Friday and Cyber Monday plans, and more. Today, we’ve got some of the major shopping stats we uncovered to give you a snapshot of young consumers’ holiday 2015:
Nearly two-thirds of Millennials have a holiday shopping budget, and they say they’ll be spending an average of $352 this year. Mom is the number one person Millennials are shopping for, with siblings and dad taking the second and third place respectively.
Now for their Black Friday and Cyber Monday Plans: the majority of young consumers (77%) are planning to shop on at least one of the big consumption holidays. While their planned spending amount is less than they said they would spend for these days in 2015, their spending power is mighty regardless: Millennials plan on spending more than $27 billion on themselves and others during Black Friday, and more than $22 billion on themselves and others on Cyber Monday. Together, 13-33-year-olds plan to spend $49.5 billion across these two shopping days.
Who will be benefitting the most from that shopping power? In a word: Amazon. The site is their number one destination for both Black Friday AND Cyber Monday, and knocked Walmart off the top of the list as their top Black Friday store.
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