Household Items, Gift Cards and Tech Among Holiday Must-Haves
TORONTO, ON—-Zip Co Limited released its Holidays Unzipped: Zip Canada’s 2021 Holiday Spending Report. The report* finds that while all Canadians are likely to spend more this year, it’s the younger generations (Gen Z and Millennials) who plan to spend the most this holiday season. The survey also revealed that, after so much time spent at home, household items like furniture and decor are on the wish lists of a majority of Canadians (70 percent).
“Canadians may not be ready to travel internationally this holiday season, but they’re eager to shop,” said Zip Canada Managing Director, Steve Croth. “Retailers can expect higher spends this year, especially among Canadian Buy Now, Pay Later users – those looking to spend more now and pay later.”
Notable highlights from the report include:
Younger Canadians Are Ready to Travel this Holiday Season
Many Canadians are still hesitant about leaving home for the holidays; 56 percent are planning to travel locally, if at all, this holiday season. Younger Canadians (60 percent of Gen Z and 54 percent of Millennials) and BNPL users (60% compared to 40% non-users), however, are more open to travel.
BNPL Users Are Most Likely to Spend Cross-border
One in five Canadians plan to purchase gifts internationally this year, with the majority (53%) shopping online only. BNPL users plan to spend significantly more than non-BNPL users ($364 compared to $297) when shopping cross-border.
Canadians Are On A Budget, and Gen Z’s is the Highest
While the majority of Canadians (55%) are budgeting for the holiday season, Gen Zs have the most extravagant budget this year, averaging $1,124 for holiday spending. In addition, Canadian BNPL users are planning to spend more using the payment solution as part of their financial toolkit this holiday season.
Online Shopping Reigns Supreme (Again)
More than half (73%) of Canadians will do their shopping online this year. Of those, 25% of Gen Z’s and 15% of Millennials are looking to influencers for gift-giving inspiration. And 19% of Canadians are looking for personalized recommendations from brands this year, with even higher engagement amongst BNPL users (30%).
COMPLETE RESULTS: The complete Holidays Unzipped: Zip Canada’s 2021 Holiday Spending Report, which details Canadian sentiment around holiday shopping and budgeting as well as insights on BNPL shopping habits can be found at report.
*This survey was conducted online within Canada by YouGov, on behalf of Zip Canada from October 27 – November 2, 2021, among 1,640 adults aged 18 – 65. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, and subgroup sample sizes, please contact Nicole Lowe.
Zip is a global leader in Buy Now, Pay Later (BNPL), payments, and consumer financing solutions. Zip operates in 13 markets across the world, putting 8 million Zipsters and 55,000+ merchants at the heart of everything we do – offering innovative, responsible, fair payment products that create a financially fearless world. For more information, visit: zip.co/en-ca