Millennial and Gen Z Consumers Are Making Their Own Holiday Shopping and Travel Traditions
American Express’ annual holiday Amex Trendex report explored the shopping, travel and entertainment trends beginning to form as the holiday season approaches through a survey of consumers from Australia, Canada, France, Germany, Hong Kong, India, Italy, Japan, Mexico, Singapore, Spain, the U.K. and the U.S. Similar to previous reports from WWD, the company’s research found that overall, the holiday spirit is alive and well.
The Trendex report also found an excitement for a variety of celebrations with a spike in enthusiasm for stepping back from traditions.
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Key takeaway’s from American Express’ report included a shift away from traditional gift exchanges. Nearly three-quarters of Millennial and Gen Z respondents told the company that they would prefer to share a fun experience or trip over gift exchanges. It makes sense, given that 73 percent of respondents would rather opt for a sentimental gift over something more traditional.
Only about a third of respondents said that they plan to buy a gift for a significant other or their children this holiday season, opting instead to plan an experience. Top experiential gifts were ranked as entertainment (59 percent), travel (54 percent) and food and drink related experiences (49 percent).
Also taking a step back from tradition, 72 percent of the young cohort said they would rather travel for leisure this holiday season than spend time visiting family and friends.
Still, a majority of Millennial and Gen Z consumers (93 percent) said that they are taking on hosting responsibilities as much or more compared to last year’s holiday season with nearly 70 percent planning to cohost. In order to celebrate festively, 60 percent of these respondents said that they will begin planning at least one month in advance.
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