Experience Day Gifts-Changes in Buying Behaviour this Christmas

With the constant development of new products and the innovation that often accompanies them, shoppers are being completely overwhelmed by what’s on the market and are starting to struggle to know where to turn for the best gifts to buy.

The term ‘stuffocation’ is a relevant term for this as with so many options at so many price points, even though budget is not always the issue anymore, it’s that wonder if you’re buying gifts just to stuff more ‘things’ into someone lives and ultimately, their homes!

The novelty of buying just anything is wearing off and people are looking towards experiences to make their purchase extra special and unique, and something that money can’t buy.

Age Ain't Nothing But a Number!

That’s why experience days as a present have become a serious contender to the gift market. When you think the average person is spending £388 per person on gifts and buys for approximately 8 people, that’s a lot of money to spend on gifts that are deemed to be not that thoughtful and valuable.

Gift experiences have so many more benefits such as improving relationships with the recipient and creating memories that last much longer than those associated with a physical product. Younger buyers actually put greater weight on experience day gifts rather than the more traditional physical gifts. According to research, gifting an experience is four times more popular amongst Gen Z and Millennials compared to Baby Boomers.

These age groups also view ownership differently to previous generations. In the past, they place high value on a car and home, whereas many now see them as major commitments and would rather spend their money on one-off experiences to create lasting memories

Social media is also very influential as we all know people who love to display their lives via social media and experiences are perfect fodder for this! An experience allows them to create memories while engaging with their peers and create envy amongst their friends!

There's a New Gift in Town!

But this shift in buying behaviours means that it’s created a new opportunity for retailers who should start thinking about how they can tap into this new, and potentially lucrative revenue stream.

Selling to retailers that they could be giving gifts that make people smile, create memories and encourage new hobbies is what businesses need to consider as with one in five planning on giving more experiences than physical products this year, it’s a fact that can’t be argued with!

Being eco conscious also plays a big part these days in gifting as 45% intend to give cash or cards and you can’t get much of a smaller carbon footprint than this type of present! The possibilities are always endless with gift cards as you can find the best experience gift for your needs, whether it's bungee jumping in Scotland, creating your own ice cream or going up The Shard, there's something for everyone!

Check out the infographic below which details some of the facts listed in this post along with some more that will make you think about your buying behaviour this Christmas!

'Tis the Season to be gifting sources:
Christmas Spending, https://tinyurl.com/2p9dntb2
Gifting Statistics, https://tinyurl.com/29tzccz2
Gifting Facts, https://tinyurl.com/2apnfwsh
Gifting Statistics, https://tinyurl.com/3byx6mua
British Gifting Statistics, https://tinyurl.com/2p92t9cz