USFIA’s Premier Partner PwC's U.S. 2020 Holiday Outlook: November edition is now available. In the report, PwC shares their analysis of shopping trends for U.S. consumers this holiday season based on a national survey of more than 1,000 consumers. The latest outlook points to a K-shaped recovery, where some consumers are thriving and others continue to flail. PwC reports that almost 40% of consumers said their holiday budgets will be business as usual, while 11% have actually increased their holiday budgets.
Among generational brackets, 30% of Millennials (ages 25-38) plan to spend more on gifts this year, which is close to double the rate of consumers overall. Of this age bracket, 68% plan to do their shopping online. Overall, most age groups trust online shopping, with 71% claiming confidence that online transactions will be secure this holiday season. Interestingly, the youngest generation, Gen Z (ages 17-24) trust online shopping the least, at 49%, while the Greatest Generation (ages 74+) trust it the most at 82%.
Be sure to check out the full report below to learn more about what where and when consumers will be buying this holiday season, including the clear differences and similarities in buying practices among age groups, and more.