The generation that beats to its own drum.
Christmas might be right around the corner, but that doesn’t mean Gen Z is panic-buying gifts for their loved ones. In fact, the generation born between 1997 and 2012 is forgoing traditional gift giving this year because they think their presence is the present.
Yes, you read that correctly.
Gen Z is not only planning to spend 34% less on gifts than they did last holiday season, which is understandable — today’s economy is wild— but they’re spending differently.
These youngsters believe their “presence is the present.” It turns out they’d prefer to not only prioritize quality time with loved ones versus just handing over a gift they bought off Amazon two days prior, but they would also rather spend their hard-earned cash on experiences than actual gifts, according to a report by accounting firm Deloitte.
Some may assume these youngsters are cheap. Sure, many of them are drowning in debt, almost $3,000 to be exact, but the reasoning behind this gift-giving process most likely stems from the fact that they’re known to be the most nostalgic generation.
To make this news even more wholesome, the data also pointed out that 92% of Americans are more than happy to receive experiential gifts.
And the proof is in the pudding. This year, Christmas lights event searches rose 56%, Christmas concert searches climbed 52%, wine event attendance grew 25%, food events increased 18%, and EDM raves saw a 12% boost, according to data from Eventbrite.
Before anyone passes judgment, Gen Z might be onto something, as physical holiday gifts are 26% more expensive this year, according to a new analysis of an annual gift guide from New York magazine.
Overall, shoppers are spending 38% more for kitchen goods, 34% more for electronics, 20% more for apparel and 17% more for toys, the study pointed out.
For example, hot ticket gifts like Beats Solo 4 headphones are 30% more expensive this year compared to last and an Instant Vortex air fryer-and-oven combo is 16% pricier than it was this last holiday year.
“Holiday gifts are coming with sticker shock,” Groundwork Collaborative’s executive director, Lindsay Owens, told The Post. “This is an extraordinary spike.”
Read the full article here
