Jill Standish, senior managing director-retail, Accenture

Accenture today said that millennials in US are likely to spend higher in the upcoming holiday season, as compared to last year, according to a consumer survey conducted online.

The online survey of 1,500 U.S. consumers found that Americans will spend $658 on holiday shopping this year, on average, compared with $632 in the 2017 survey, said Accenture in a statement. “Nine in 10 respondents said they plan to spend as much or more than they did last year – 53% and 36%, respectively – with only 11% planning to spend less. Older millennials will spend $779, on average, while nearly four times as many younger millennials compared to baby boomers (49% versus 13%) said they plan to spend more this holiday season,” it added.

The report states that millennials are more likely to choose one brand over another if that brand demonstrates inclusion and diversity in terms of its promotions and offers, their product range and environmental awareness.

Jill Standish, senior managing director—retail, Accenture said, “Our research suggests that the millennial generation has high expectations when it comes to retailers’ commitment to inclusion and diversity, and those values are influencing their decision-making in choosing one brand over another. National and multinational retailers serve diverse customer bases, so they need to position the brand accordingly – its messaging as well as its product selection. That will require not just more local decision-making, but also assistance from analytics tools that enable retailers to build a granular picture of their customers.”

The research also showed that the percentage of respondents planning to use social-media sites for their holiday shopping this year nearly doubled, to 15% from 8% last year.

“Social media continues to be a real disruptor in targeting today’s consumers, who are spending a great deal of time in these channels and naturally want to be able to purchase directly, through the click of a button,” Standish said. “Now, more than ever, it’s imperative for retailers to further rethink and redesign their digital shopping capabilities and methods so they can meet customers on their terms.”

by Parnika Sokhi