Vantiv: Millennials Dominate Peak Shopping Days

November 21, 2024 by
Vantiv: Millennials Dominate Peak Shopping Days

According to the latest Vantiv ShopTalk survey, conducted by Socratic Technologies, only 1/5 people (about 20 percent) plan to shop in stores on Thanksgiving Day, and only 31 percent on Black Friday.

Millennials will be making up the biggest portion of that group, with 34 percent of Millennials saying they will shop on Thanksgiving and one out of two (51 percent) in malls and stores on Black Friday.

Gen Xers are not as enthusiastic, with 29 percent planning to shop on Turkey Day and 36 percent venturing out on the day after Thanksgiving. The survey also found only 23 percent of Boomers and eight percent of Retirees plan to be in stores on Black Friday.

“We find it is a generational issue with Retirees and Boomers staying home and Millennials shopping in stores,” said Sayid Shabeer, vice president of merchant product at Vantiv. “The reason is over the last few years, shopping at home online has revolutionized holiday shopping. More and more people are choosing to shop online, available 24 hours a day, over the hustle and bustle of shopping malls.”

Vantiv contracted Socratic Technologies to survey 500 consumers on their holiday shopping preferences. The ShopTalk survey found in-store spending will affect 40 percent of total holiday spending, while one-third of the total spend will be done online.

Millennials also make up more of the last minute shoppers, with 60 percent of Millennials saying they will be out in full force the week leading up to Christmas, compared to 54 percent of Gen Xers, only 35 percent of Boomers, and 27 percent of Retirees. It turns out that as age increases, the likelihood of shopping in-store during peak shopping days decreases.

“In an effort to improve in-store user experience and boost sales, brick and mortar businesses need to invest in the latest payment technologies including Apple Pay and Android Pay,” added Shabeer.

“Younger generations will be driving in-store purchases during peak shopping days this holiday season and merchants need to be prepared to accept these emerging mobile payments options.”

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