This holiday shopping season is shaping up to be like no other. Retailers are offering sales and deals earlier than ever before. According to a recent survey of 1,600 adults conducted by Forethought Research on behalf of digital payment technology pioneer Quadpay, a Zip company, 95 percent of Americans are still planning to shop for the holidays but some unlikely folks will be left off the 2020 gift list.
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While a majority of Americans plan to buy gifts this holiday season, 35 percent are looking to maximize their spend this holiday season with buy now, pay later services (Graphic: Quadpay)
Overall, all Americans are less likely to receive gifts this year. Parents, friends and siblings are missing out the most.
When asked “who do you typically give gifts to?” Americans are prioritizing differently:
- Nearly twice the gifts will be bought for pets (21 percent) over grandparents (13 percent) this year.
- Only 28 percent reported they are likely to give gifts to friends down from 49 percent in a typical year.
- 49 percent say they’d buy gifts for mom and dad compared to 63 percent last year.
- Gifts for siblings plummeted from 52 percent in prior years to 37 percent this year.
- Kids, down 7 points to 39 percent, and partners (down to 42 percent from 48 percent) can still expect gifts.
When and where Americans shop depends a lot on their age.
- Americans are split almost exactly in half regarding shopping online or in-store.
- Gen Z is more likely than any other generation to start their holiday shopping as early as September. The older the generation, the later they begin.
- Millennials, Gen Xers, and Baby Boomers tend to wait until the last minute and don’t start shopping until November.
- Gen Y is least likely to start shopping in the month of December.
What they’re buying, and how they’re paying for it
- 1 in 4 will give more gifts in the form of money this holiday season, potentially due to flexibility and ease for others.
- Gift cards were the most popular category when asked what they plan to buy this holiday season (43 percent of respondents) followed by: technology and electronics gifts (38 percent), music, movies, and games (34 percent), toys (34 percent), food and beverages (33 percent) and men’s clothing (33 percent).
- 35% are considering using a Buy Now, Pay Later (BNPL) option for the holidays. Of these, 28 percent said they are looking to use BNPL to avoid credit card fees.
Quadpay’s mission is to provide savvy consumers a digital alternative to credit cards. The findings from the survey underscore the fact that pandemic-weary consumers are understandably budget-conscious but still want to celebrate the festive season.
Commentary:
“While this survey shows that COVID-19 hasn’t completely canceled the holiday season, consumers are reprioritizing not only how much they spend and who they buy for but also rethinking how they pay,” said Quadpay Co-CEO Adam Ezra. “Retailers should take note that a growing number of consumers are looking for ways to maximize their spending power without incurring credit card debt.”
“The sentiment around holiday shopping corresponds with the trajectory of the explosive growth of BNPL as an option this year. Consumers are looking forward to treating their loved ones–and themselves–after a tough year, and Quadpay allows them to do that in a budget-conscious, financially responsible way,” said Quadpay Vice President of Marketing, Shira Schwartz.
Methodology
Forethought Research fielded the survey on behalf of Quadpay from October 21 to October 28, 2020 via an online survey interviewing a nationwide sample of 1,600 U.S. adults aged 18 to 65 years. Data were weighted to be representative of the total U.S. adult population on the basis of age, gender, state and household income. No estimates of theoretical sampling error can be calculated. For full data reports contact quadpay@maven-pr.com
Quadpay Press Kit with more information and visuals here.
ABOUT Quadpay
Quadpay (ASX: Z1P) is a leading US-based installment payment platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit. Quadpay is reinventing the payments landscape with its focus on innovation and customer-centricity, enabling more than millions of customers to pay in four interest-free installments over six weeks. The company’s market-leading app enables seamless integration for merchants and the ability for customers to shop online and in-store interest-free, not just with Quadpay’s thousands of integrated merchants, but with leading global retailers. For more information, visit: www.quadpay.com.
ABOUT Forethought Research
Backed by comprehensive research methodologies, marketing science consultancy, Forethought works closely with clients to guide their brand, communications and customer experience strategies. Using evidence-based insights, their process delivers tailored and actionable guidance to inform organisational growth and strategic management decisions. Whether it’s an increase in market share or shaping consumers’ brand perception and engagement, Forethought Research aims to find solutions for any business challenge globally.
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