73% of Millennials Plan to Indulge in Self-Gifting This Holiday Season

Salsify's 2024 holiday shopping report paints a picture of steady consumer spending and self-treating trends

BOSTON, June 05, 2024 (GLOBE NEWSWIRE) -- Salsify, the platform empowering brand manufacturers, distributors, and retailers to win on the digital shelf, today released its inaugural 2024 Consumer Holiday Shopping Report, offering crucial insights and trends shaping this year's holiday shopping landscape. Despite inflation and the high cost of living, 65% of holiday shoppers plan to maintain their spending levels from the previous year, while an additional 15% anticipate increasing their holiday spending. This consistency presents an opportunity for retailers to reflect on past performance to optimize strategies for the upcoming season. Additionally, the report unveils a significant behavior — the self-treating trend — with 61% of shoppers (the majority of whom are Millennials) indulging in personal purchases while holiday shopping.

The Salsify 2024 Consumer Holiday Shopping Report offers a benchmark analysis drawn from insights gathered from 1,026 shoppers across the US and UK. The report equips retailers and brands with invaluable insights into consumer behaviors, preferences, and trends, empowering informed decision-making within the dynamic landscape of the retail industry.

“In today's economic climate, it's understandable that 39% of shoppers are prioritizing budget-friendly options for their everyday purchases. But when it comes to the holidays, our research paints a different picture — folks are ready to open their wallets,” said Salsify Research Director Dom Scarlett (she/her). “This is a golden opportunity for retailers to look back at 2023 and tweak their game plan for 2024. Additionally, by acknowledging and embracing the 'treat yourself' trend through tailored promotions such as buy one, get one free offers, retailers can significantly boost consumer engagement."

5 key trend insights revealed in Salsify’s 2024 Holiday Shopping Report show:

  1. The 'treat yourself' phenomenon hints of a holiday season of self-love. 2024 reveals a prominent ‘Treat Yourself’ trend: A striking revelation from the report is the significant portion of holiday shoppers indulging in self-gifting. More than half (61%) of shoppers, particularly Millennials (73%) and Gen Z (68%), are inclined to purchase items for themselves while engaging in holiday shopping.

    Retailer Tip: Retailers can capitalize on this trend by offering tailored promotions and discounts, such as buy-one-get-one-free offers and bundle deals, to incentivize self-spending.

  2. In the shopping channel showdown, Gen Z and Gen X skip online, while Millennials and Boomers opt for Prime. Salsify’s holiday report reveals intriguing insights into top gift discovery channels across generations. Surprisingly, physical retail stores emerged as Gen Z's top choice (58%), surpassing Amazon (55%) and TikTok and Instagram (54%), mirroring Gen X's preference, with 62% turning to stores for holiday gift inspiration. However, Amazon remains the go-to for other demographics, with 53% of Millennials and 54% of Baby Boomers relying on online marketplaces. With Prime Day on the horizon in July, retailers have a golden opportunity to capture early shopper engagement with enticing deals and exceptional experiences.

    Retailer Tip: Across generation groups, shoppers find holiday gift inspiration across both physical and online channels, and retailers can capitalize on this by delivering omnichannel shopping experiences. From interactive in-store displays to targeted ads and exclusive online promotions, building a united, consistent, and cohesive strategy will maximize holiday sales.

  3. October signals the start of holiday shopping bounty. When it comes to holiday gift purchases this year, October emerges as the launchpad month, with 27% of all shoppers making their first moves, led by Gen X (30%) and followed closely by Millennials (29%). As November approaches, 26% of shoppers will join the fray, with Gen Z (32%) and Millennials (29%) taking the lead. Cyber Week is anticipating to capture 19% of shoppers, while 16% plan to wait until December. Interestingly, 7% are adopting a year-round approach.

    Retailer Tip: The varying holiday shopping times illustrate the diversity of planning styles for each generation group. Staying ahead of these timelines will help retailers meet shoppers whenever they’re ready to make their lists.

  4. Shoppers share tactics for Black Friday & Cyber Monday. As the buzz for Black Friday and Cyber Monday builds in 2024, shopper plans come into focus. According to the benchmark report, 62% are gearing up for Black Friday, with Gen Z leading at 75% and Millennials close behind at 69%. Even Gen X (62%) and Baby Boomers (43%) are getting in on the action. Looking ahead to Cyber Monday, 45% of shoppers are ready to hit the virtual aisles, with Gen Z (52%) and Millennials (49%) showing the most excitement. Gen X (45%) and Baby Boomers (33%) are also planning to join the digital shopping spree.

    Retailer Tip: Preparing to meet this strong demand requires the timeless basics: Plan early, know your audience, offer great shopping experiences and deals, optimize, rinse and repeat!

  5. Shoptastic Selections: Consumers share top product picks for every wishlist. Holiday shopping preferences this year reveal an interesting mix! Fashion and apparel gifts are slated to take the lead, grabbing the attention of 57% of shoppers, with personal care and beauty gifts close behind at 53%. Electronics also came in strong at 49%, while food and beverage gifts are on the radar for 44% of folks. It seems like alcohol gifts follow closely at 37%. Toy and baby gifts seem to be popular too, with 33% planning to buy them. For those outdoor enthusiasts, sports and outdoor gifts are catching the eye of 28% of shoppers. And hey, don't forget the fur babies! Pet gifts are on the list for 20% of shoppers, while home improvement gifts round it out at 19%.

    Retailer Tip: Holiday shoppers of all styles will spend across verticals during the shopping season, and brands must deliver engaging, detailed product information to help them make their final buying decisions.

For more insights and detailed findings from the 2024 Consumer Holiday Shopping Report, please visit here.

About Salsify
Salsify helps thousands of brand manufacturers, distributors, and retailers in over 140 countries collaborate to win on the digital shelf. The company’s Product Experience Management (PXM) platform enables organizations to centralize all of their product content, connect to the commerce ecosystem, and automate business processes in order to deliver the best possible product experiences across every selling destination.

Learn how the world’s largest brands, including Mars, L'Oreal, Coca-Cola, Bosch, and ASICS, as well as retailers and distributors, such as DoorDash, E.Leclerc, Carrefour, Metro, and Intermarché, use Salsify every day to drive efficiency, power growth, and lead the digital shelf. For more information, please visit: www.salsify.com.

Media contact:
Carolyn Adams