Daymon’s 2022 Consumer Holiday Study, a survey conducted in October, found that 42 percent of Gen Z and Millennial consumers are hosting their own holidays this year, and their holiday shopping behavior is different than the older generations.
Younger generations were found to be making intentional lifestyle decisions with their holiday shopping, and Gen Z specifically is 2.5 times more likely to prioritize sustainability when selecting products.
Gen Z consumers also prioritize the sensory experience with products such as flavor and smell, and they are less likely than other generations to make a purchase based on brand loyalty.
Across all generations, consumers reported following a budget for the holiday, and 95 percent of respondents planned on purchasing private label products to reduce costs. Of those 95 percent, one in four respondents said they were switching to private label because the brand they preferred had increased in price.
Despite all generations budgeting and trying to reduce costs, one in four Gen Z consumers also said they planned to buy more pre-made foods and that it was the reason they expected to spend more on holidays this year.