Majority of Americans Expect to Buy Gifts This Holiday Season Despite Tumultuous Year, but Many Cut From the Gift List According to New Quadpay Survey
Pets More Likely To Receive Holiday Gift Over Grandparents for 2020 Holiday Gift Giving
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.
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.