MajorsDec 27, 2024
Buccellati to Expand Workforce by 500 Employees Over Next Three YearsThe Richemont-owned company is investing in its jewelry production and watchmaking workshops.
SurveysOct 04, 2018
Millennials Expected to Spend the Most This Holiday Season
And retailers’ inclusion and diversity practices will play a role in their purchasing decisions, according to a recent Accenture survey.
Consumer spending is expected to grow this year, and the millennial demographic is likely to lead the way in purchasing, according to a recent survey from Accenture.
New York—U.S. consumers are expected to spend more on holiday shopping this year, and millennials likely will be the biggest spenders of all, according to a recent Accenture survey.
The 12th annual Holiday Shopping Survey, comprised of the online input of 1,500 consumers, found that Americans are expected to spend an average of $658 on holiday shopping this year, up from $632 last year.
Eighty-nine percent of respondents said they plan to spend as much (53 percent) or more than (36 percent) they did last year. Only 11 percent plan to spend less.
Interestingly, the demographic expected to spend the most is the very group so many retailers have long been trying to attract: millennials.
Older millennials will spend an average of $779 in the 2018 holiday shopping season.
Meanwhile, 49 percent of younger millennials said they plan to spend more this holiday season than they did last year. This is nearly four times the amount of baby boomer survey-takers (13 percent) who said the same thing.
(Accenture defines younger millennials as those ages 21 to 27, and older millennials are those 28 to 37 years old.)
The survey also indicated that retailers’ inclusion and diversity practices will play a key role in millennial purchasing decisions this season.
There were a number of findings supporting the theory that if a retailer isn’t committed to inclusion and diversity, members of the demographic will find another place to shop. Here are some of the highlights.
1. Fifty-four percent of younger millennials surveyed believe retailers have a responsibility and duty to address wider social and political issues with regards to diversity.
2. Fifty-one percent of younger millennials are more likely to shop at a retailer that demonstrates awareness of such issues.
3. Millennials said they’re more likely to choose one brand over another if that brand demonstrates inclusion and diversity when it comes to its promotions and offers (70 percent of younger millennials and 69 percent of older millennials), in-store experience (66 percent of younger and 72 percent of older millennials), product range (68 percent of younger and 70 percent of older millennials) and environmental awareness (61 percent of younger and 57 percent of older millennials).
“Social media continues to be a real disruptor in targeting today’s consumers ... Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers
on their terms.” – Accenture Senior Managing Director of Retail Jill Standish
4. Almost one in three younger millennials see staffing diversity in the workplace as an important factor when deciding where to shop.
“National and multinational retailers serve diverse customer bases, so they need to position the brand accordingly—in messaging as well as in product selection,” said Jill Standish, senior managing director of retail at Accenture. “That will require not just more local decision making, but also assistance from analytics tools that enable retailers to build a granular picture of their customers.”
There were a number of other notable findings from the survey.
1. As consumer confidence continues to grow (it’s nearing an 18-year high, according to the Conference Board), shoppers are less price sensitive; consumers appear less concerned with the economy and their overall financial situation than they were last year.
Fewer shoppers are likely to cite “a concern about the economy” as a factor that would negatively affect holiday shopping this year. They’re also less likely to cite healthcare costs, mortgage payments, the prospect of higher taxes, and a recent job loss or the fear of losing their job as spending factors.
2. Service and/or “experience” gift-buying is on the rise as the trend away from product gifts continues to grow in favor of travel, dining out, concerts, theater or “service” gifts like lawn care, home cleaning and spa treatments.
The number of shoppers who said they plan to buy physical products as gifts this year dropped 11 percentage points to 73 percent, and the number who said they planned to buy experience or service gifts increased 5 percentage points to 49 percent.
3. Social media is growing as a shopping platform, and its use for holiday shopping is increasing rapidly.
The percentage of respondents planning to use social media for holiday shopping this year nearly doubled, Accenture indicated, from 8 percent last year to 15 percent this year. Additionally, the percentage who indicated they check Instagram before looking or buying elsewhere online also more than doubled, from 6 percent to 14 percent.
“Social media continues to be a real disruptor in targeting today’s consumers, who are spending a great deal of time in these channels and naturally want to be able to purchase directly, through the click of a button,” Standish said. “Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers on their terms.”
“National and multinational retailers serve diverse customer bases, so they need to position the brand accordingly—in messaging as well as in product selection,” said Jill Standish, senior managing director of retail at Accenture. “That will require not just more local decision making, but also assistance from analytics tools that enable retailers to build a granular picture of their customers.”
There were a number of other notable findings from the survey.
1. As consumer confidence continues to grow (it’s nearing an 18-year high, according to the Conference Board), shoppers are less price sensitive; consumers appear less concerned with the economy and their overall financial situation than they were last year.
Fewer shoppers are likely to cite “a concern about the economy” as a factor that would negatively affect holiday shopping this year. They’re also less likely to cite healthcare costs, mortgage payments, the prospect of higher taxes, and a recent job loss or the fear of losing their job as spending factors.
2. Service and/or “experience” gift-buying is on the rise as the trend away from product gifts continues to grow in favor of travel, dining out, concerts, theater or “service” gifts like lawn care, home cleaning and spa treatments.
The number of shoppers who said they plan to buy physical products as gifts this year dropped 11 percentage points to 73 percent, and the number who said they planned to buy experience or service gifts increased 5 percentage points to 49 percent.
3. Social media is growing as a shopping platform, and its use for holiday shopping is increasing rapidly.
The percentage of respondents planning to use social media for holiday shopping this year nearly doubled, Accenture indicated, from 8 percent last year to 15 percent this year. Additionally, the percentage who indicated they check Instagram before looking or buying elsewhere online also more than doubled, from 6 percent to 14 percent.
“Social media continues to be a real disruptor in targeting today’s consumers, who are spending a great deal of time in these channels and naturally want to be able to purchase directly, through the click of a button,” Standish said. “Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers on their terms.”
More on Surveys
The Latest
SourcingDec 27, 2024
IDCA Announces 2025 Board MembersManoj Bhandari, a principal of RMC Gems Inc., is the new president of the Indian Diamond & Colorstone Association.
Events & AwardsDec 27, 2024
18 Designers Graduate from WJA’s Jewelry Loupe ProjectThe designers participated in a six-month business development and mentorship program to develop and launch their jewelry collections.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMembers of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
Weekly QuizDec 27, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 24, 2024
Boucheron Bets on Las VegasThe brand has opened its second U.S. location in the Fontainebleau resort and casino.
EditorsDec 24, 2024
The Spectrum Jewels I Want to Find Under the Tree Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
SourcingDec 24, 2024
Gemfields to Temporarily Suspend Emerald MiningThe move is one of several cost-cutting measures outlined by the company as it faces a weaker luxury market and other challenges.
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
