A survey revealed by Loop Commerce at Shoptalk earlier this week found that Millennials are the “most thoughtful generation” when it comes to gifting, and despite the high priority placed on holiday season gifting, birthdays hold the top spot as the most popular gifting occasion.
When it comes to shopping for others, Millennials might be the most thoughtful generation, according to a recent survey conducted by Loop Commerce. The study found that 42 percent of Millennials purchased gifts just for fun, versus 26 percent of Boomers and 36 percent of Generation X respondents. Furthermore, while 36 percent of Millennials surveyed said they purchase gifts last minute, versus only 20 percent of Boomers, uniqueness of a gift (71 percent) is more important to this generation than a sale sticker (67 percent). By contrast, about 70 percent of both Boomers and Generation X said sales are more influential in purchase decisions than uniqueness of a gift.
“Our usage data shows that when it comes to shopping for others, Millennials are thoughtful, year-round gifters, and are the most likely to buy for others outside of the standard gifting occasions,” said Roy Erez, CEO of Loop Commerce. “The data also shows that, while post-holiday gifting can sometimes be an afterthought for retailers, there’s a golden opportunity for brands to accommodate Millennials looking to shop for others all year round. By making it as easy as possible for an entire generation to send meaningful gifts online, retailers could capitalize on revenue they weren’t capturing before.”
The results were revealed during Shoptalk in Las Vegas earlier this week. Other significant findings include:
- Millennials are more concerned about giving the right gifts when compared to other generations. More than half (52 percent) of Millennial gift buyers worry that their gift won’t be liked, while other generations care more about the thoughtfulness of their gifts, including 38 percent of Baby Boomers and 46 percent of Generation X respondents.
- Millennials are confident gift purchasers. A majority 63 percent of Baby Boomers responded saying it is hard to choose the right gift, when 58 percent of Millennials felt that same way.
- Millennials are the last likely generation to resort to a gift card. While gift cards are a relatively small subset of gifting overall, as each consumer has their occasions and recipients where they feel obligated to deliver a more thoughtful gesture, only 33 percent of Millennials are likely to resort to gift cards compared to 36 percent for Boomers and 39 percent for Generation X.
Despite the high priority placed on holiday season gifting, the study also found that year-round shoppers present a good opportunity for retailers, and Loop Commerce notes that retailers who focus on this group may develop a leg up on their competition. According to the survey results, consumers buy on average 20-22 gifts per year, with the vast majority (89 percent) purchasing gifts for birthdays versus 77 percent for holidays. Outside of this, just-for-fun, casual and impulse driven gifts are purchased by more than a third of those surveyed, with baby showers and anniversaries gifting reported at 32 percent and 30 percent of respondents. Weddings, engagements, and graduations also represented occasions for many to shop for others.