According to Sitecore research, some younger shoppers, particularly Gen Z and millennials, are forgoing personal expenses like streaming services and eating out to afford holiday shopping this year.
Shoppers are also willing to work hard during business hours to find the best deals. According to the press release, one in five shoppers will sell a property (15%), give a gift (17%) or take another job or work more hours (17%) to afford their holiday shopping this year.
“Faced with economic pressures from inflation, consumers will do more to spend less this holiday season. Shoppers are well-informed and looking for the best deals and online shopping experiences that brands can offer. When they spend, they want to be sure , that it’s important and want to shop from brands that understand their needs,” Paige O’Neill, director of marketing at Sitecore, said in a release. “This season, shoppers will be looking for brands that offer competitive pricing, buy-it-now options – pay later” and inexpensive shipping. Brands that empathize with consumers’ financial constraints caused by inflation and focus on meeting their needs by providing content that focuses on values and shows genuine empathy — where they can — will come out ahead this holiday season.”
https://www.retailcustomerexperience.com/news/gen-z-millennials-reducing-personal-spend-to-afford-holiday-purchases/ Generation Z, Millennials Cut Personal Spending to Afford Holiday Shopping Retail Customer Experience