Millennials Most Likely to Outspend Other Generations This Holiday Season
21 November 2019 - 5:47AM
Business Wire
Credit cards are leading payment choice for
third consecutive year, according to Discover’s annual Holiday
Shopping Survey
Over a third of millennials plan to spend more money this
holiday season compared to last year, and they will likely outspend
other generations this gift-giving season, according to Discover’s
annual Holiday Shopping Survey.
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Millennials say higher income and more people on their shopping
list are two reasons for their boost in spending. And they also
will overwhelmingly use their mobile devices to shop.
Results from the survey, which polled Generation Z, millennials,
Generation X and baby boomers on their previous holiday shopping
habits and upcoming plans to purchase, also show:
- 35 percent of millennials said they would spend more this
holiday season than last. Following them are 26 percent of Gen Z,
23 percent of Gen X and 16 percent of baby boomers.
- 39 percent of millennials plan to spend $750 or more on gifts,
followed by 35 percent of baby boomers, 33 percent of Gen X and 11
percent of Gen Z who said they will spend the same amount.
- 45 percent of millennials said they expected increased income
to boost their holiday spending compared to 28 percent of Gen X, 26
percent of baby boomers and 20 percent of Gen Z; meanwhile, 49
percent of millennials reported they have more people to shop for,
followed by 43 percent of Gen Z, 37 percent of Gen X and 36 percent
of baby boomers.
- A majority of millennials, 73 percent, will use a mobile device
to shop for gifts while 58 percent of Gen X, 48 percent of Gen Z,
and 32 percent of baby boomers plan to do the same.
Credit Cards Lead the Way as the Favored Payment Type;
Consumers Say Earning Rewards is a Top Consideration When Choosing
Card to Use
Credit cards continued to be the favored payment type for the
holiday season, a trend that has increased since 2017. In 2019, 42
percent of respondents said they expect to use credit cards for
most of their holiday gift purchases, compared to 38 percent in
2018 and 32 percent in 2017.
Of those who plan to use credit cards for the majority of their
holiday shopping, 55 percent of respondents said they mostly use
credit cards to earn points and rewards.
“Consumers want to get the most for their money when they make
purchases, especially as they buy gifts on a holiday budget,” said
Shannon Kors, vice president of card rewards and benefits at
Discover. “Discover cards are designed to help cardmembers get the
most value when they shop this holiday season and throughout the
year by earning cash back on every purchase they make.”
Majority of Consumers are Concerned about Identity
Theft/Fraud though Gen Z is Significantly Less Concerned
Identity theft and fraud continue to be on shoppers’ minds, as
83 percent of all respondents reported some level of concern about
it.
How concerned are you about identity
theft/fraud this holiday season?
2019
Gen Z
Millennials
Gen X
Boomers
Very concerned
21%
11%
24%
25%
17%
Moderately concerned
33%
22%
33%
31%
36%
Slightly concerned
29%
25%
26%
28%
33%
Not at all concerned
17%
42%
17%
16%
14%
To help protect themselves against fraud, 50 percent of baby
boomers, 43 percent of millennials and 39 percent of Gen X use
credit cards with built-in security features. However, 32 percent
of Gen Z said they do not take any actions to protect themselves
from identity theft/fraud, compared to just 11 percent of
millennials, 10 percent of Gen X and 8 percent of baby boomers.
For more a full list of Discover cards’ security benefits, go to
Discover.com/security.
To learn more about the survey, click here.
About Discover’s 2019 Holiday Shopping Survey
The national survey of 2,010 U.S. consumers ages 18 and up was
commissioned by Discover and conducted by Dynata (formerly Research
Now/SSI), an independent survey research firm, between October 21
and October 23, 2019. The maximum margin of sampling error was
±2.18 percentage points with a 95 percent level of confidence.
Generations are defined as: Generation Z, born after 1997;
millennials, born between 1981 and 1996; Generation X, born between
1965 and 1980; and Baby Boomers, born between 1946 and 1964.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
equity loans, checking and savings accounts and certificates of
deposit through its direct banking business. It operates the
Discover Global Network comprised of Discover Network, with
millions of merchant and cash access locations; PULSE, one of the
nation's leading ATM/debit networks; and Diners Club International,
a global payments network with acceptance around the world. For
more information, visit www.discover.com/company.
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Media Contact Derek Cuculich, 224-405-0665
derekcuculich@discover.com Follow us: @Discover_News
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