2021 holiday shopping: millennials embrace buy now, pay later and convenience
Millennials are the biggest spenders for the holidays this year, with 82% saying they plan to spend more or the same on holiday purchases compared to last year. That’s a key finding from Bread Financial’s 2021 Mid-Holiday Season consumer survey. Here are some other key insights:
Insight 1 – Toys and games are the top gift choice for Millennials this year, with 59% planning to put them under the tree. Electronics was next at 54%, followed by apparel and footwear (47%), gift cards (45%) and beauty/personal care (40%).
Insight 2 – Millennials lead in usage of many different payment types, and they were the demographic group most likely to pay for their holiday purchases with buy now, pay later (19%), retail store credit cards (17%) and rewards certificates/points (12%).
Insight 3 – Convenience tops the Millennial wish list, as they were most likely to take advantage of retailer-offered convenience options to get their gifts, including:
- 29% looked to buy online and pick up in store.
- 21% used curbside pickup, with another 16% picking up at a storage locker/location.
- 19% used contactless delivery options.