WHAT THE DATA SAY: 46% would rather spend on themselves than others this holiday season

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking:

$1.2 MILLION WOULD BUY HAPPINESS FOR MOST

Americans are convinced their lives would improve if only they could climb a few rungs on the pay ladder, based on our survey with Empower.

• 59% of Americans believe money can buy happiness – even higher with 67% of Gen Z and 72% of Millennials.
• 71% agree that “having more money would solve most of my problems,” including those with salaries of $200,000 or more.
• Respondents think they need to earn roughly $284,000 each year to achieve happiness (versus the U.S. median household income of $74,000 annually).
• How much wealth would buy happiness? 59% overall say it’s $1.2 million – climbing to $1.7 million for Millennials.
• The majority of Americans define financial happiness as paying bills on time and in full (67%) and living debt-free (65%).
• For 42% of Americans, even $25,000 would boost their financial happiness for six months.

SHOPPERS SPLURGING THIS HOLIDAY SEASON – ON THEMSELVES

With holiday shopping in high gear, younger consumers say they’re willing to splurge, according to our Holiday Shopping Trends report.

• 81% of Gen Z and Millennial shoppers say they’re ready to spend this holiday season, despite 62% saying they’re not financially prepared.
• 44% of Gen Z and Millennials previously went into debt to pay for gifts, and 63% said they tend to be impulsive when holiday shopping.
• Two thirds say they see the holidays as an excuse to indulge in personal gifts and luxury items for themselves. In fact, 46% would rather spend more money on themselves than others.
• 57% of Gen Z and Millennials are allocating a significant portion of their budget to pet gifts, and 10% are willing to spend more than $100 on pets.

POINT-OF-SALE DONATION REQUESTS IRK SHOPPERS

While Americans strongly support charities, most don’t like being asked to donate to charities at the cash register/point of sale, based on research with NerdWallet.

• 67% do not like being asked to donate to charity at the cash register/point of sale.
• Gen Z (84%) is most likely to donate to charity at the register compared with 75% of Millennials, 67% of Gen X and 58% of Boomers.
• 25% say they give at the register because small donations don’t feel as costly.
• 33% who donate at the register say they would not donate to charity at all if they didn’t donate there.
• 13% say they donate to charity at the register because they feel guilty if they don’t, 10% say it’s easier than saying no, and 8% are embarrassed to say no.

COMING UP: ETHISPHERE AND STAGWELL DISCUSS RISK AND REPUTATION

Ethisphere and Stagwell will present new research and answer questions on “Seeing Around Corners: How Business Should Prepare for the Next 12 Months” during a Dec. 13 one-hour free webinar.

• The conversation will include fresh consumer and business data from The Harris Poll on when to speak out and when not to; the role of ESG and Purpose today; the key wedge issues driving the election cycle – and company narratives; and what it takes to build a strong reputation today.
• Register using this link.

ICYMI

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