Almost one-third (30%) of Gen Z and 28% of Gen Y shoppers plan to spend more this year than last year, according to research from provider of online customer ratings and reviews, Bazaarvoice
Even though Gen Z continue to drive this increase in spending in the lead up to Christmas, Gen X are tipped to spend the most at $513, while Gen Y will spend $403 and Gen Z will spend slightly less at $345.
Top of the Christmas wish list for Australian consumers is a tech/gadget/electronics item (18%), with an experience coming in at a very close second (14%).
As for gifts to steer away from for Gen Z and Y, edible treats and confectionary, which was bottom of the wish list. Meanwhile, Gen Y are most likely to want fashion items (14%).
When it comes to shopping for family and friends, a whopping 62% of Gen Z will buy something that has either been directly asked for or hinted at and are also more likely to invest the time in searching for the perfect Christmas gift.
However, Gen Y are more likely to buy a gift that is trendy and in-season, while Gen X are found to be the more budget conscious, with 30% saying that they will buy something that is discounted.
Bazaarvoice APAC managing director, Kate Musgrove said while Gen Z plan to do a larger proportion of their Christmas shopping online (40%), the majority of Christmas shopping will be done in local shopping centres.
“As consumers, our spending habits are ever-changing and this is evident in the way that Australians have embraced both Black Friday and Cyber Monday (and even before that Singles Day and Click Frenzy), with our younger Australian consumers leading changes in retail spending habits.
“However, in other ways, we are very much creatures of habit, as even though on average 30% of Australia’s Christmas shopping will be done online, the majority will be done in local shopping centres (56%). As for the most coveted big-ticket item this Christmas, well that would have to be an experience gift, which was the most wanted across all age groups.”