Brands still have plenty of time to reach teens this holiday season
87% of teens say they’ll wait until after Thanksgiving to start shopping for gifts
SAN FRANCISCO – November 19, 2020 – For many U.S. consumers, preparing for the holiday season has been a welcomed distraction from the coronavirus pandemic. In fact, the National Retail Federation reported that nearly half (42%) of consumers planned to start their holiday shopping by the end of October. Teens, however, are waiting much longer to get started.
According to a new survey from Step, the modern-day financial services company built for teens and families, only 13% of teens plan to start their holiday shopping early. The majority cite deal-hunting, a lack of savings and school-related stress as their motivations for shopping later in the season.
43% are holding out for Black Friday and Cyber Monday deals;
31% are still saving up and plan to shop in December; and
13% are busy with school and plan to shop at the last minute.
“Teens want to take more ownership of their financial futures, but limited conversations about money in school and at home make it hard to meet their financial goals,” said CJ MacDonald, Founder and CEO at Step. “We hope Step can help alleviate some of teens’ holiday stress by making it easier for them to shop online and track their spending in real-time.”
