Millennials are an interesting category for exploration in that they share many behaviours with the 35+ crowd, whilst also occupying a new space of their own in the demographic landscape. Like older generations, Millennials are still largely driven by tradition and nostalgia. Many – particularly those living in small urban spaces with little room for hosting or lavish decorations – choose to eschew organising celebrations entirely in favour of booking tickets home instead, where Mum and Dad continue to be in charge of rustling up magical Christmases replete with all the necessary trimmings and festive fare.
As is increasingly the norm these days, many Millennials have also grown up in divorced or blended families, and are as such still figuring out which traditions and rituals, if any, they want to take away from their families’ various holiday medleys.
Millennials are also different to earlier generations in their Christmas spending habits. While the bulk of gift spending from those aged 45 and above is still spent on traditional physical presents, Millennials are driving the growing trend towards experiential gifts - particularly in the travel and entertainment spaces. Out with stores pushing standard Christmas stock and in with intimate, personalised, fun moments to be shared with loved ones.
Interestingly, the audiences that Millennials choose to spend on are also starting to diverge away from that of the over-35 generation. While older generations still focus their spending most heavily on family, Millennials are now more likely to treat themselves and their friends than their kin. In fact, they are fairly selfish shoppers, spending close to double the proportion of their overall holiday budget on themselves compared with older shoppers (24% vs.15%)