Halloween is not quite here yet, but the holiday season predictions are already rolling on in. And PayPal has officially thrown its hat into the ring.
“There have never been more options for Americans to shop in a way that works for them, and those options have fundamentally changed holiday shopping behavior,” said Anuj Nayar, head of global initiatives at PayPal. “Much like PayPal, holiday shopping has grown beyond simply one button at one moment, now encompassing the freedom of mobile devices, the social enjoyment of peer-to-peer payments and the security and simplicity to make a purchase, with confidence, at a moment’s notice.”
This year, according to PayPal, mobile will further bolster its standing as the season’s time-saver — and stress-saver — of choice. Fifty-nine percent of Americans find the holiday season stressful, and more than 25 percent would rather shovel snow than go to the mall at Christmas time.
PayPal logged 56 percent year-over-year increase in mobile payment transactions this past quarter and expect to see more shoppers turn to their mobile devices during the holidays. Smartphone shopping isn’t just for stocking stuffers, however; PayPal predicts the largest holiday transaction on mobile will cost more than $64,000.
Cyber Monday will mark PayPal’s top shopping day of the year, with more than $25,000 in total payment volume (TPV) per second at peak of Cyber Monday. The survey also indicates that 40 percent of millennials will shop on mobile. They will also multitask their way through the season, as nearly 60 percent of millennials also reported they would do their holiday shopping while binge-watching TV. Among the more bizarre stats: 22 percent of Americans admitted that they would be shopping from the bathroom.
Americans will also be loosening their wallets with alcohol. About 30 percent of Americans will have an alcoholic drink while shopping for Christmas gifts, and 35 percent noted they would be willing to shop at the Thanksgiving table if the deal were good enough.
And when Americans aren’t drunkenly buying gifts for themselves and others, they will be giving money to charity. According to PayPal’s survey, 62 percent of consumers plan to make a charitable donation during the holiday season.
Last year, PayPal users helped set the Guinness world record for “Most money raised online for charity in 24 hours,” raising $45.8 million for charities on #GivingTuesday, more than doubling the previous record. PayPal predicts a 45 percent uptick in Giving Tuesday donations this year.