Two out of three millennials plan to use tech to spend more this holiday season
If you are looking into your wallet with despair about the rising costs of the holidays, you probably are not a millennial according to a new report.
Twenty-five percent of consumers plan to spend more this holiday season than they did last year, according to Riverwoods, IL-based financial services payment company Discover’s annual holiday shopping survey.
It surveyed 2,006 U.S. consumers aged 18 and upward in October 2018.
The survey showed that younger generations will lead the charge in holiday spending this year.
One in three (35 percent) of millennials and 33 percent of gen Z said they expect to spend more this year, compared to 26 percent of Gen X and 16 percent of Baby Boomers.
Over half of Gen Z (51 percent) and 40 percent of millennials said that having a bigger pay check will fuel their increased spending
The survey revealed the youngest generation are tech savvy holiday shoppers. Gen Z led the way with 80 percent planning to use their mobile device to shop for holiday gifts, compared to 73 percent of millennials, 62 percent of Gen X, and 41 percent of Baby Boomers.
Two out of three (67 percent) of Gen Z say they will do all or most of their holiday shopping on their mobile device, compared to 66 percent of millennials, 56 percent of Gen X and 39 percent of Baby Boomers.
Millennials forge ahead in other areas too. They are ahead of Gen Z in terms of wearable technologies and voice-activated devices when holiday shopping.
Thirty-six percent of millennials and 35 percent of Gen Z plan to use a wearable or Internet of Things (IoT) device like, a payment-enabled watch or appliance to make holiday purchases, compared to 24 percent of Gen X and 8 percent of Baby Boomers.
Similarly, 29 percent of millennials and 27 percent of Gen Z plan to use a voice-activated smart speaker to aid in their holiday shopping, compared to 23 percent of Gen X and 8 percent of Baby Boomers.
Nine out of ten respondents, say they take some measure to protect themselves from identity theft or fraud, and 62 percent say they monitor their financial statements.
Four out of ten (41 percent) monitor their credit reports, and 39 percent who use a credit card with built-in security features.
More than half of respondents, 55 percent, say they are very or moderately concerned about identity theft or fraud during the holidays, compared to 62 percent last year.
Baby Boomers and Gen X are concerned about identity theft, with 60 and 56 percent, respectively, saying they are very or moderately concerned, followed by 49 percent of Gen Z and 48 percent of millennials.
As we move forward out of Cyber Monday into the madness of the holiday spending season, and the credit cards take a battering, remember – you can always be frugal in January.