Amex Trendex Reveals Consumers Are Using Unique Payment Methods for Holiday Gifts
According to data revealed in the Amex December installment of its monthly Trendex, 57 percent of shoppers say they are likely to give a touchless gift this year, like a gift card — a top gift, according to 58 percent of consumers. Other top gifts consumers are most looking forward to receiving this holiday included clothing and new tech or tech accessories.
Overwhelmingly, the company also found that while holiday shopping consumers say they are looking to discover unique ways to pay this year. In fact, half of its survey respondents said they want “more options for how they pay for holiday gifts this year,” with attention to flexible payment options that would allow paying for large purchases over installments. Currently, American Express offers solutions including “Pay It Plan It” and “Pay Over Time.”
Further, 47 percent of consumers told Amex they plan to use credit card rewards points on holiday shopping including 59 percent of Millennials. Millennials also reported five times more likely than Baby Boomers to split the cost of holiday gifts with friends and family this season.
At the same time, the report found Millennials are twice as likely than Baby Boomers to spend more than usual this holiday season to ensure a safe and socially distanced holiday. Forty-three percent of Millennials said they will spend more on gifts this holiday to make up for not celebrating with loved ones in-person, compared to just 17 percent of Baby Boomers and 32 percent of Gen Xers.
Half of Millennials told Amex they plan to take more time off from work this December compared to previous years in an attempt to de-stress from the year. Two-thirds of consumers said they plan to spend the holidays with a quarantine pod, though among consumers with plans to travel, half of all travelers who are driving over the next three months said they will drive up to four hours at a time while 25 percent said they are willing to drive between 10 to 25 hours.
Meanwhile, as finances continue to be top of mind for consumers, data found 61 percent of consumers plan to focus on personal finances more in 2021 than in previous years with 26 percent saying they feel they “need more help with finances in 2021.”
For More WWD Business News:
Create & Cultivate, Mastercard Team to Create ‘Main Street Love’
WWD Survey Reveals Tighter Spending on Fashion Gifts This Year
What’s on Retail’s Wish List This Holiday?
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