SourcingMay 14, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
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
Editors' Picks
Sponsored by
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
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
