Despite the tough economic climate, most shoppers do not plan to cut back on their holiday spending -- especially Gen Zers.
According to the Shopify-Gallup Holiday Shopping Pulse, three in four holiday shoppers (74%) said they plan to spend the same or more on holiday gifts this year compared with last year.
The adult Gen Zers, ages 18 to 29, will be the "most resilient” spenders this year. The survey shows 37% of the generation plans to spend more than last year, which is nearly double the average across all age groups.
This age group is also -- not surprisingly -- the most likely to shop for holiday gifts on social media platforms, with 48% planning to buy at least some gifts through social media compared with 33% of all shoppers, according to the survey.
Shopify pointed out that the lion's share of this season's shopping is expected to take place online.
"Almost everyone (93%) will buy at least some gifts online, and nearly half (47%) indicate they will purchase all or most of their holiday gifts online," the survey noted.
While the holidays are still months away, many people have already started checking off their shopping lists. The survey shows 41% of holiday shoppers have already started or plan to start shopping by the end of October. But last minute shopping is still popular, with 39% waiting until November and one in five holding strong until December.
As for how much they're spending, the average shopper will drop $1,652 this season, surpassing pre-pandemic figures for the first time, according to Deloitte's 2023 holiday retail survey.
"Even as the economy continues its uncertain trajectory, consumers are looking to splurge on the holidays this year and make the season memorable," Deloitte said.
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