November 21, 2016
Millennials are spending more on holiday shopping this year compared to last year, and they're mostly buying their gifts online, according to a new report.
This data comes from SOASTA, a performance analytics company that researched and compiled millennials' shopping habits to aid online retailers in improving retail sales.
Millennials are expected to spend $1,427 during the 2016 holiday season, up 33 percent from the $1,072 they spent last year, SOASTA reports. Millennials who are also parents will spend even more – an average of more than $1,700.
The report found that 22 percent of millennials plan to do all of their holiday shopping online this year, and most will be doing so using their phones or tablets.
To keep millennials spending, SOASTA suggests companies may want to consider dropping shipping costs. For millennial shoppers particularly, the report found shipping costs are a major turnoff, with 84 percent saying they refuse to pay for shipping entirely.
The speed of the online site is also key. Twenty-eight percent of online customers, and not just millennials, will not return to a slow site.
Click here to read more on millennials' holiday shopping trends.