WHAT THE DATA SAY: 59% give bigger tips at holidays; Gen Z is most generous

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:

STOCKINGS STUFFED WITH STRESS

Americans feel joyous yet overwhelmed this holiday season, according to our latest Harris Poll research with the American Psychological Association.

• 89% of Americans say that not having enough money, missing loved ones and anticipating family conflict cause stress at this time of year.
• 43% report that the stress of the holidays interferes with their ability to enjoy them and that the holidays feel like a competition (36%).
• 72% report that the holiday season can feel bittersweet.
• Also, a fifth of those who celebrate traditionally Jewish holidays (23%) and those who celebrate other non-Christian holidays (20%) say they experience stress because the season doesn’t reflect their culture, religion or traditions.

YOUNGER CONSUMERS = BEST TIPPERS

If you’re a tipped worker, which age of customer is most likely to reward you? Go with the youngest, according to our Harris Poll survey with DailyPay.

• The good news: 59% of Americans say they give bigger tips during the holiday season compared with the rest of the year.
• Even better news: 49% of Gen Z say they are tipping more often than they did last year. That compares with 36% of Millennials, 19% of Gen X and 21% of Boomers.
• On the other hand: 37% find themselves unable to tip because they do not have cash on hand.
• For those receiving tips, 88% believe that employees should receive the tips they have earned immediately/the same day – versus waiting for the next payroll period.

RESOLUTIONS FOR BETTER FINANCES

Two thirds of Americans admit financial regrets during the last year, and three fourths say the regrets will lead to new resolutions in 2024, according to our Harris Poll research with NerdWallet.

• The top regret: 23% did not save enough for their financial goals in 2023, and 21% regret not saving for emergencies.
• 22% regret overspending on entertainment, 11% regret overspending on travel, and 11% regret overspending on a big event, such as a wedding or party.
• Equal shares of Americans (16%) regret not paying off their credit card debt and taking on too much credit card debt.
• Lowest on the regret list: combining finances with a partner (7%), not making student loan payments during the federal pause (6%) and taking out a mortgage (4%).

SOCIAL MEDIA FINANCIAL PLANNERS

Social media has become a key channel for financial advice. Yet, in our Harris Poll survey with Nationwide, misinformation is tripping investors up, especially younger ones.

• 42% of Gen Z and 38% of Millennial investors say they are heavily accessing financial information, guidance and advice through social media (versus 16% of Gen X and 5% of Boomers).
• 17% of Gen Z and 21% of Millennials are likely to turn to generative AI for financial information and guidance and would trust a financial professional more if they leveraged AI to streamline daily tasks (40% for Gen Z and 36% for Millennials).
• Yet 41% of Gen Z and 34% of Millennial investors have acted upon financial information they saw online or on social media that turned out to be misleading or factually incorrect.

ICYMI

In case you missed it, check out some of the thought-leadership and happenings around Stagwell making news:

• After a year with ChatGPT, here’s my creative director dos and don’ts
• 4 Gen Z marketing trends from 2023
• Celebrity, social media and the true currency of America’s digital economy
• What Marketers Can Learn from the Recession that Never Came