“And the survey says” . . . Boost your sales with Zip Canada’s 2021 Holiday Spending Report
The 2021 holiday shopping season will be like no other. Last year we were still in the midst of a lockdown, while this time around the restrictions are all but gone. To grasp how this will affect spending habits, Zip Canada reached out to thousands of Canadians and found that not only will holiday spending be the best in years, it will be even bigger thanks to buy now, pay later (BNPL).
BNPL is starting to generate traction in Canada, and Zip’s survey results are reinforced by major retailers like Amazon and Target. Both companies strategically added BNPL ahead of what is expected to be the most lucrative holiday shopping season in recent memory. Deloitte predicts holiday spending will rise by 31% over last year and even beat 2019 by 8%.
To help you capitalize on this pent-up demand, the Zip report uncovers what Canadian consumers are buying, how much they plan on spending, and what categories will drive the most sales.
Here’s a preview of what’s inside:
You might be surprised to learn what age group will spend the most this holiday and by how much. The most revealing data point Zip discovered: BNPL users will spend 61% more on average over non-BNPL users!
Who has the Biggest Budget?
More than half of all participants said they are creating budgets this season and Gen Z’s have the deepest pockets. But Millennials, Gen X and Baby Boomers also look to be quite generous. Again, despite Gen Z having the highest predicted monthly budget, BNPL users will out spend them by almost 34%. When compared to non-BNPL users, those who use buy now, pay later will budget a whopping 77% more.
Another factor that could have a major impact on holiday shopping are supply chain issues. Shipping ports have been backed up for months and when combined with the truck driver shortage, inventory levels will likely not keep up with demand. Canadians made it clear they are aware of the issues and revealed when they plan to do the majority of their shopping.
The Hottest Categories
If your brand carries the products Canadians will spend the most on this holiday, this breakdown could help you take full advantage of the anticipated demand. Zip learned intangible gifts are expected to be very popular with shoppers this year…is a new trend emerging?
But wait there’s more . . .
You’ll also find what Canadians will spend on travel, online vs. in store, and even their international and cross-border spending plans.
If you’re looking for a competitive edge this holiday season, give your business – and your bottom line –the early gift of insight by exploring Zip Canada’s 2021 Holiday Spending Report here: https://zip.co/en-ca/2021-holidays-unzipped-spending-report.