One of the largest generations in history, millennials, are set to lead the pack in Christmas shopping spend in the UK this year, according to new research from Rubicon Project, one of the world’s largest advertising marketplaces.
Rubicon Project’s second annual Christmas Consumer Pulse Poll found the anticipated spend for millennials has reached an average of £870 per person, compared to £722 last year. This is now significantly more than non-millennials, who plan to spend an average of £717 at Christmas. It also represents the first time millennials have taken the lead - in 2015, Rubicon Project’s same consumer survey found non-millennials leading the Christmas spending, at £735 per person.
In what can be interpreted as a familiarity with and understanding of digital environments, it was also uncovered that millennials and parents are the most likely to interact with digital advertising. 81% of millennials and 82% of parents are more likely to engage with tailored ads and nearly half (46 percent and 47 percent respectively) are likely to share their personal information for a more personalised advertising experience. The opportunity for savings in a costly time of year also appealed; 39 percent of parents and 38% of millennials are both motivated to click on ads offering sales and discounts around Christmas, and 28% of millennials have clicked an online ad in just the past week, double that of non-millennials.
This higher-than-average reception towards advertising is reflected in attribution and intent too: 75 percent of millennials and 66 percent of parents will be purchasing items on their mobile this Christmas season, and 76 percent of consumers plan to shop online this Christmas season - on par with the percentage who plan to shop in-store.
Commenting on the results of the survey, James Brown, Rubicon Project’s UK Managing Director said: “Millennials and Parents are the key drivers behind this year’s increase in holiday spend. Our survey shows consumers, particularly the aforementioned, are far more open to digital advertising than perhaps perceived, but only if they are relevant and tailored to their interests, and also if they offer an incentive. The insights we’ve uncovered through this research gives a fascinating glimpse into consumer attitudes towards online advertising and will be extremely useful for brands and agencies as they develop and plan their Christmas campaigns.”
Further findings include:
● 29 per cent of millennials have already started holiday shopping
● 38 per cent typically buy a gift for themselves, and they spend the most on themselves (£257, versus £186 for non-millennials)
● Argos is the top shopping destination, with 46 per cent of all shoppers planning to buy gifts from the retailer this year
● Amazon is the top destination for technology shoppers while Marks & Spencer wins for apparel shoppersview more - Trends and Insight