Snap Finance Unveils Key 2024 Holiday Shopping Trends with Insights into Consumer Spending
35% of Consumers Anticipate Spending Less This Holiday Season, Turning to Free Shipping and Online Deals to Stretch Their Budgets
Salt Lake City, UT – October 8, 2024 — Snap Finance, a leading provider of innovative and flexible pay-over-time financing solutions, announces the results of its latest holiday shopping survey. The recent data highlights how income levels and generational perspectives influence consumers' shopping strategies, including the timing, methods, and budgeting of their purchases in today’s economic climate.
The complete report is available for download below:
Key Highlights
- Early Shoppers: Approximately 50% of respondents plan to begin their holiday shopping by October, the most popular month to start shopping. Millennials and Gen Z and households earning over $75K are leading the trend, with 29% and 32%, respectively, starting in September or earlier. Notably, only 12% will wait until December.
- Holiday Shopping Events: A staggering 86% of holiday shoppers intend to engage in at least one major shopping event, with Black Friday (57%) and Cyber Monday (55%) being the most favored. Interestingly, 34% plan to shop on Thanksgiving Day, while 19% will hit stores on Christmas Eve. Younger generations are notably more likely to participate in these events.
- Online vs. In-Store Shopping: Online shopping continues to dominate, with only 22% of respondents preferring physical stores. Meanwhile, 40% prefer using their phones, while 35% opt for computers. Millennials show a pronounced inclination toward mobile shopping at 47%.
- Budgeting Trends: An impressive 79% of holiday shoppers plan to set a spending budget, with 89% expecting to adhere to it. While 44% anticipate spending the same as last year, 35% plan to cut back due to economic concerns, inflation, and personal financial situations.
- Spending Insights: The survey found that 57% of shoppers experience stress related to holiday shopping, with Gen X expressing the highest levels of concern (66%). Additionally, 37% plan to buy gifts for their pets, led by millennials at 45%.
Preferred Shopping Factors: When selecting retailers, 79% of respondents value free shipping or delivery, followed closely by sales and deals (70%). The availability of financing options also holds significant importance, particularly for millennials (48%). As we approach the holiday season, our research indicates a trend toward more cautious shopping habits, and a significant uptick in online purchases," said Rob Barnhart, President of Snap Finance. "This shift is driven by consumers' need to manage budgets effectively in a tight economy. With Snap’s flexible financing solutions, we help ensure that customers can navigate their holiday shopping with ease and financial peace of mind."
Survey Methodology
The survey, conducted online from September 4-5, 2024, utilized a panel of 937 U.S. adults aged 18 and over, who were balanced for age and gender and were required to be involved in financial decision-making.
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About Snap Finance
Snap Finance harnesses the power of data to empower consumers of all credit types to get what they need. Launched in 2012, Snap’s technology utilizes more than a decade of data, machine learning, and nontraditional risk variables to create a proprietary platform that looks at each customer through a more holistic lens. Snap’s lease-to-own and loan solutions are changing the face and pace of consumer retail finance. For more information, visit snapfinance.com.