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Millennials Embrace Traditional Shopping Days

[Thursday, December 8th, 2016]

One of the biggest shopping days of the year, the day after Thanksgiving is known as Black Friday. It’s a day when retailers slash their prices and offer all kinds of special deals for shoppers who line up in the pre-dawn hours to buy big-screen TVs, video game systems, kitchen appliances and clothing.

But are today’s young people participating in the ritual as eagerly as their parents did? With many socially conscious groups calling for boycotts of consumer frenzies like Black Friday, merchants have been nervous about whether or not these traditional shopping days will pay off as they have in the past.

Apparently, they may not have anything to worry about. A survey sponsored by Vantiv ShopTalk showed that Millennials are actually the most likely demographic to pull out their wallets on Black Friday.

Older folks less likely to shop in stores

Although only 31% of survey respondents said they were planning to shop on Black Friday, the biggest portion of that group was made up of Millennials – people ages 18 to 35. Fifty-one percent of that demographic said they’d be hitting the mall, or at least some type of brick and mortar shop, the day after Thanksgiving.

Generation X, the folks just a little older than the Millennials, isn’t as enthusiastic about the sales on Black Friday. Only 36% plan to shop that day, with the rest possibly preferring to eat pie for breakfast and lounge with family. And the older folks are even less likely to venture out: only 23% of Baby Boomers and 8% of retirees are planning to hit the post-Thanksgiving sales.

Online shopping has changed the landscape

It could be, however, that the older folks are still shopping on Black Friday, says Sayid Shabeer, vice president of merchant product at Vantiv. Shabeer says that while young people are more likely to go to a physical store, older folks might well be shopping online.

“We find it is a generational issue with retirees and Boomers staying home and Millennials shopping in stores. The reason is over the last few years, shopping at home has revolutionized holiday shopping.”

Over 500 consumers participated in the holiday shopping survey, which was conducted by Socratic Technologies.

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