When it comes to the holy season, presents can feel just as necessary as the holiday season itself. In fact, a large proportion of consumers see gifts during the holidays as non-negotiable must-haves. Around 43% of consumers say family gifts fall into this category, while 35% feel this way about children’s gifts. So how can we expect individuals to purchase this holiday season?
A growing proportion of younger generations seem to rely upon Buy Now, Pay Later (BNPL) services to help manage costs during the holiday season. In fact, 67% of parents planned to use BNPL for the holidays on everything from furniture to electronics to clothes. Another strategy is pre-planning when gifts are going to be bought. It may seem simple enough, but a whopping 80% of planned gift spending is done by the end of Cyber Monday. And, if all else fails, many are going in lieu of essentials like groceries to make sure there are presents under the tree.
With so many different ways to shop, understanding consumer behavior is the difference between feast and famine during the holiday season. Fortunately, Equifax makes that easy with their holiday trends and insights reports. They present these to you as a webinar or a personalized advisory session. Ultimately, if you want to secure an advantage this holiday season, Equifax insights are the way to go.
Source: Equifax
