ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
SurveysOct 04, 2018
Millennials Expected to Spend the Most This Holiday Season
And retailers’ inclusion and diversity practices will play a role in their purchasing decisions, according to a recent Accenture survey.
Consumer spending is expected to grow this year, and the millennial demographic is likely to lead the way in purchasing, according to a recent survey from Accenture.
New York—U.S. consumers are expected to spend more on holiday shopping this year, and millennials likely will be the biggest spenders of all, according to a recent Accenture survey.
The 12th annual Holiday Shopping Survey, comprised of the online input of 1,500 consumers, found that Americans are expected to spend an average of $658 on holiday shopping this year, up from $632 last year.
Eighty-nine percent of respondents said they plan to spend as much (53 percent) or more than (36 percent) they did last year. Only 11 percent plan to spend less.
Interestingly, the demographic expected to spend the most is the very group so many retailers have long been trying to attract: millennials.
Older millennials will spend an average of $779 in the 2018 holiday shopping season.
Meanwhile, 49 percent of younger millennials said they plan to spend more this holiday season than they did last year. This is nearly four times the amount of baby boomer survey-takers (13 percent) who said the same thing.
(Accenture defines younger millennials as those ages 21 to 27, and older millennials are those 28 to 37 years old.)
The survey also indicated that retailers’ inclusion and diversity practices will play a key role in millennial purchasing decisions this season.
There were a number of findings supporting the theory that if a retailer isn’t committed to inclusion and diversity, members of the demographic will find another place to shop. Here are some of the highlights.
1. Fifty-four percent of younger millennials surveyed believe retailers have a responsibility and duty to address wider social and political issues with regards to diversity.
2. Fifty-one percent of younger millennials are more likely to shop at a retailer that demonstrates awareness of such issues.
3. Millennials said they’re more likely to choose one brand over another if that brand demonstrates inclusion and diversity when it comes to its promotions and offers (70 percent of younger millennials and 69 percent of older millennials), in-store experience (66 percent of younger and 72 percent of older millennials), product range (68 percent of younger and 70 percent of older millennials) and environmental awareness (61 percent of younger and 57 percent of older millennials).
“Social media continues to be a real disruptor in targeting today’s consumers ... Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers
on their terms.” – Accenture Senior Managing Director of Retail Jill Standish
4. Almost one in three younger millennials see staffing diversity in the workplace as an important factor when deciding where to shop.
“National and multinational retailers serve diverse customer bases, so they need to position the brand accordingly—in messaging as well as in product selection,” said Jill Standish, senior managing director of retail at Accenture. “That will require not just more local decision making, but also assistance from analytics tools that enable retailers to build a granular picture of their customers.”
There were a number of other notable findings from the survey.
1. As consumer confidence continues to grow (it’s nearing an 18-year high, according to the Conference Board), shoppers are less price sensitive; consumers appear less concerned with the economy and their overall financial situation than they were last year.
Fewer shoppers are likely to cite “a concern about the economy” as a factor that would negatively affect holiday shopping this year. They’re also less likely to cite healthcare costs, mortgage payments, the prospect of higher taxes, and a recent job loss or the fear of losing their job as spending factors.
2. Service and/or “experience” gift-buying is on the rise as the trend away from product gifts continues to grow in favor of travel, dining out, concerts, theater or “service” gifts like lawn care, home cleaning and spa treatments.
The number of shoppers who said they plan to buy physical products as gifts this year dropped 11 percentage points to 73 percent, and the number who said they planned to buy experience or service gifts increased 5 percentage points to 49 percent.
3. Social media is growing as a shopping platform, and its use for holiday shopping is increasing rapidly.
The percentage of respondents planning to use social media for holiday shopping this year nearly doubled, Accenture indicated, from 8 percent last year to 15 percent this year. Additionally, the percentage who indicated they check Instagram before looking or buying elsewhere online also more than doubled, from 6 percent to 14 percent.
“Social media continues to be a real disruptor in targeting today’s consumers, who are spending a great deal of time in these channels and naturally want to be able to purchase directly, through the click of a button,” Standish said. “Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers on their terms.”
“National and multinational retailers serve diverse customer bases, so they need to position the brand accordingly—in messaging as well as in product selection,” said Jill Standish, senior managing director of retail at Accenture. “That will require not just more local decision making, but also assistance from analytics tools that enable retailers to build a granular picture of their customers.”
There were a number of other notable findings from the survey.
1. As consumer confidence continues to grow (it’s nearing an 18-year high, according to the Conference Board), shoppers are less price sensitive; consumers appear less concerned with the economy and their overall financial situation than they were last year.
Fewer shoppers are likely to cite “a concern about the economy” as a factor that would negatively affect holiday shopping this year. They’re also less likely to cite healthcare costs, mortgage payments, the prospect of higher taxes, and a recent job loss or the fear of losing their job as spending factors.
2. Service and/or “experience” gift-buying is on the rise as the trend away from product gifts continues to grow in favor of travel, dining out, concerts, theater or “service” gifts like lawn care, home cleaning and spa treatments.
The number of shoppers who said they plan to buy physical products as gifts this year dropped 11 percentage points to 73 percent, and the number who said they planned to buy experience or service gifts increased 5 percentage points to 49 percent.
3. Social media is growing as a shopping platform, and its use for holiday shopping is increasing rapidly.
The percentage of respondents planning to use social media for holiday shopping this year nearly doubled, Accenture indicated, from 8 percent last year to 15 percent this year. Additionally, the percentage who indicated they check Instagram before looking or buying elsewhere online also more than doubled, from 6 percent to 14 percent.
“Social media continues to be a real disruptor in targeting today’s consumers, who are spending a great deal of time in these channels and naturally want to be able to purchase directly, through the click of a button,” Standish said. “Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers on their terms.”
More on Surveys
The Latest
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
