Millennials to Drive Increase in Holiday Shopping
As we previously reported, the upcoming holiday season will likely be a happy one for retailers. A new Open X and Harris poll supports Deloitte’s predictions. In particular, millennials will be spending more this year and they’ll use their mobile devices to save time.
Mobile to Capture 20% of Millennial Spending
If there’s one thing millennials don’t have enough of, it’s time. On average, millennials will boost their holiday spending by 15% over last year. It takes time to shop for all those additional gifts. Millennials will save plenty of time by turning to their mobile devices. Overall, 20% of all their shopping will take place through the mobile channel during the upcoming holiday season.
Consumers Are Already Shopping
We often hear about shoppers who put off their purchases until the last minute. The folks are bottom feeders, looking for last minute deals. To maximize revenue, your clients should be advertising to holiday shoppers now. 37% of folks are making purchases now. Time-crunched millennials are shopping from work, maybe during their lunch breaks, and they’re clicking the buy button on their mobile devices after the kids go to bed.
With an average budget of $862, here’s how holiday gift spending will break out for the typical 2019 gift-giver.
- Children $296
- Partner $152
- Self $115
- Relatives $104
- Parents $76
- Friends $54
- Pets $20
- Co-workers $19
With millennials playing such a big role in this year’s holiday season, your clients should be thinking about which ad formats resonate with these shoppers. While cable and broadcast TV serve as good ways to connect with consumers at the top of the funnel, things are changing. Millennials are watching more streaming TV. They’re also noticing ads during their OTT content-viewing sessions.
Here’s what shoppers say about the influence of advertising:
- Got a gift idea after seeing the ad: 68%
- Ads remind them to purchase a product they previously researched: 39%
- Discovered a brand they wouldn’t have noticed in the store: 21%
- Noticed message during OTT TV viewing: 48%
Work with your clients to get their ads on the media formats that their target audiences are most likely to notice. For that insight, check out the AudienceSCAN profiles available on AdMall.