Do you belong to Gen Z? Retailers are looking for you this Holiday season

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The 2023 holiday season outlook is strong, with Gen Z consumers leading the way.

Holiday sales are expected to hit $221.8 billion, a 4.8 percent year-over-year increase, according to Adobe’s latest report. Flexible purchasing methods like Buy Now, Pay Later (BNPL) are particularly driving that hike, which will peak at an anticipated $17 billion in online sales.

Last year, 48 percent of Gen Z consumers used BNPL throughout the October-December holiday season, according to a BillTrust survey. BNPL has gained popularity as an alternative to credit cards, especially among lower-income workers, who are typically younger.

Additionally, Adobe predicts that mobile spending will drive more than half of holiday sales at a record $113 billion, overtaking desktop purchasing for the first time ever. Adobe says this number reflects improved small-screen shopping experiences.

Young consumers, who are especially savvy with these new shopping and buying methods, are leading the charge for strong holiday spend according to a new Shopify report. Of the young holiday shoppers between 18 to 29 surveyed, 78 percent say they plan to spend as much on holiday gifts this year as they did last year–compared to 74 percent for all age groups–and 37 percent expect to spend more. Nearly half of young holiday shoppers also say they will buy some of their gifts through social media, compared to 28 percent of all age groups.

This prediction is supported by a 2022 Pew Research Center report, which found over a third of U.S. adults use a smartphone to buy products online weekly–49 percent of whom are aged 30-49, and 38 percent of whom are 18-29.

Those surveyed also reported buying items on social media, particularly after seeing an influencer or content creator post about it: 41 percent were between the ages of 18-29, and 33 percent were between 30-49.

What is Gen Z?

Generation Z comprises people born between 1996 and 2010. This generation’s identity has been shaped by the digital age, climate anxiety, a shifting financial landscape, and COVID-19. ” ” (5 pages) Gen Z is currently the second-youngest generation, with millennials before and Generation Alpha after.

shopping on mobil devices has become common and influencers have become a factor