While some may stay home and avoid the big shopping holidays like Thanksgiving Day and Black Friday, the latest data from Vantiv’s ShopTalk survey revealed that millennials will turn out and make up the largest portion of the crowd.
About 34 percent of millennials who responded to the survey said they plan to shop on Thanksgiving and 51 percent plan to visit malls and stores on Black Friday.
Meanwhile, their older counterparts are not as ready to hit the stores.
Just 29 percent of Gen Xers said they will shop on Thanksgiving, while 36 percent said they will tackle the stores on Black Friday. The study also found that only 23 percent of baby boomers and 8 percent of retirees expect to go shopping 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, in a statement. “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’s data also highlights that the generations differ in the amount of money they plan to spend this holiday season as well, ranging from $646 to $865.
Not surprisingly, millennials are expected to spend the most on shopping during the holidays, but the study also revealed that they will be the most financially responsible as they shop.
“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,” Shabeer added.
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