Holiday Shopping Survey: Consumers’ Spending Preferences

Estimated Reading Time: 4 Minutes

The holiday season is upon us! It’s truly one of the most wonderful times of the year – a time for joy, family, celebration, and, of course, shopping!

This season allows businesses to reach new customers and fortify existing customer relationships. With targeted holiday messages, ads, and special sales, companies can leverage these special promotions to entice consumers to purchase useful or popular products and services. I mean, who doesn’t love a good Black Friday or Cyber Monday deal!?

This is also a time for consumers and brands to prepare for the increased risk of identity theft and fraud.

Iris^® Powered by Generali recently published its eighth annual Holiday Shopping & Identity Theft Survey eBook. This year, we notice a change in holiday spending habits among different generations. However, concerns about identity theft, scams, and data breaches are felt by all consumers, regardless of their age.

In this infographic eBook, we explore how age and gender affect shopping choices. This includes inclinations on how consumers plan to shop, how much they expect to spend, and which companies to trust this holiday season. It’s a good read for business leaders navigating the intersection of commerce and cybersecurity.

Key Takeaways

A Resource for Businesses Seeking to Stand Out from (Holiday) Competitors: Check out Iris^® Powered by Generali’s 8th annual Holiday Shopping & Identity Theft Survey eBook. Click the link at the end of the blog to download it or read it directly on our website.
Generational Shifts in Holiday Shopping Plans This Year: In the infographic eBook, you’ll learn how consumer demographics like age and gender impact their shopping preferences, including their holiday budget, how they plan to shop (e.g., online, in-app purchases, or in a physical store), and much more.
A Business Opportunity That Delights Your Customers: Offering identity protection and scam analysis tools can help companies attract more customers, retain existing relationships, and give their brand a competitive edge.

Key Findings: What the Generational Spending Shift Means for Your Business

Gen Z Overtakes Millennials as Major Holiday Spenders

30% of Gen Z shoppers say they are most likely to spend over $1,000, compared to just 25% of Millennials & Gen Z and 21% of Baby Boomers.

Online Shopping Reigns Supreme, But Brick-and-Mortar Stores are Still a Shopping Source

86% of holiday shoppers plan to do some online shopping in at least one of the following ways:
- Using a desktop, laptop, or tablet (57%)
- Using a cell phone or mobile device (51%)
- Ordering online with in-store pickup (17%)
Over half (53%) plan to shop in brick-and-mortar stores, with intentions to holiday shop in a brick-and-mortar store increasing significantly with age.
- Baby Boomers (66%) and Gen X (61%) are far more inclined than Millennials (47%) and Gen Z (29%) to holiday shop in a physical store.

Data Compromise is A Worry Felt by All Generations

Seven out of 10 Americans worry their personal or financial info could be compromised while indulging in festive spending this year. Overall concern levels rise with age: Gen X and Baby Boomers are a bit more panicked (74%) than Gen Z and Millennials (67%).
Our survey reveals that most Americans (83%) say they would think twice about doing business with a breached company. This is especially true for Baby Boomers: a whopping 89% are putting their foot down.

Concern about personal and financial information being compromised while holiday shopping remains alarmingly high. This ongoing trend underscores the need for retailers and financial institutions to prioritize consumer trust. By offering proactive identity protection services, they can provide much-needed peace of mind to shoppers, especially among Gen X and Baby Boomers, who are particularly wary of past data breaches.

Paige Schaffer, CEO of Iris

Businesses Can Attract More Customers by Offering Identity Protection & Scam Analysis Tools

Nearly six in 10 Americans (57%) say they would be more likely to do business with a retailer, consumer brand, bank, or credit card provider if they were offered identity protection. This is especially true for men (61%) and Gen Zers (66%).
57% of holiday shoppers say identity protection could mean being a customer or not.
76% say they’d feel more secure if a business offered a proactive solution to reduce their risk of falling for scams.

How Businesses Can Gain a Competitive Edge During Peak Shopping Seasons

For eight years, Iris Powered by Generali has surveyed over 1,000 Americans year-over-year to gauge their shopping behaviors, perception toward identity theft and fraud, and concerns about doing business with a company that has experienced a data breach. We strongly believe that knowledge is power. And, for businesses – be they mom-and-pop shops, small businesses, new entrants, or major brands – understanding consumer behaviors and the threat landscape isn’t just a precaution or something to merely “check the box;” it’s a competitive edge.

By addressing consumers’ worries and delighting them with something slightly unexpected, you will not only capture new audiences, you’ll also build consumer trust and loyalty – an invaluable asset to organizations, no matter their industry.

Check out our infographic eBook to explore your customers’ holiday shopping expectations and how you can provide them peace of mind while growing your revenue and bottom line. Identity protection or scam analysis tools could be great holiday gifts this year or next!