Consumer Behavior

Gen Z, Millennials reducing personal spend to afford holiday purchases

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October 10, 2022

Some young shoppers, specifically Gen Z and Millennials, are giving up personal expenses, such as streaming services and eating out, in order to afford holiday purchases this year, according to a Sitecore study.

Shoppers are also willing to put in the work while at work to find the best deals. One in five shoppers will sell possessions (15%), regift a present (17%) or take on another job or more hours at work (17%) to afford holiday shopping this year, according to a press release on the findings.

"Faced with economic pressures from inflation, consumers will do more to spend less this holiday season. Shoppers are deeply informed and looking for the best deals and online shopping experiences that brands can offer. When they do spend, they want to make sure it counts and want to shop with brands that understand their needs," Paige O'Neill, Sitecore CMO, said in the release. "This season, shoppers will seek out brands that offer competitive pricing, buy-now-pay-later options and low-cost shipping. Brands that empathize with consumers' inflation-forced financial constraints and focus on meeting their needs by delivering content that focuses on value and shows authentic empathy — where they can — will come out ahead this holiday season."