2024 Holiday Shopping Trends

As Gen Z drives record holiday spending in 2024, here’s what they expect from their banks. Traditional banking services aren’t cutting it for Gen Z and Millennials. Our survey uncovers the biggest opportunities for FSI providers to meet expectations and address key concerns this holiday season.

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Gen Z holiday spending surges with alternative payment methods

Gen Z is projected to dramatically increase their holiday spending in 2024, largely due to alternative payments like Buy-Now-Pay-Later (BNPL). Banks should look for ways to help younger consumers keep their seasonal spending in check and prevent debt from piling up.

55%

of respondents use alternative payment methods like Apple Pay, Paypal, Venmo, and BNPL at least 3-5 times during the holiday season.

50%

of Gen Z respondents are planning to use BNPL this holiday season

32%

of respondents want their mobile banking apps to provide better expense tracking and categorization, while 12% want temporary spending limits during the holidays season

Gen Z wants more from their banks during the holiday season

Nearly a third of Gen Z (30%) and Millennials (29%)

feel their banks are falling short of service expectations. The most desired holiday-specific products and features among respondents include:

50%

Enhanced transaction monitoring

27%

Virtual credit cards to enable safer online shopping

15%

Holiday-specific budget tools to help manage seasonal spending

Security is a big concern

Young consumers are on high alert during the holiday season, with more than half of Gen Z and Millennials feeling extra cautious about online banking.

55% of respondents want their bank to offer stronger mobile security features

of respondents prefer their banking partner to alert them of potential fraud via text message, while 20% want multiple notification methods simultaneously (including text message, email, phone call, or in-app notification)

of respondents consistently decline to save their payment information in web browsers or apps, while just 19% who consistently agree

Thank you!

Survey methodology & demographics

Survey conducted at 95% confidence, +/- 4% margin of error. Survey conducted from June 4, 2024 - June 26, 2024

Respondent Qualifiers:

Live in the US
18+ years of age
Work full-time as a digital professional or leader (marketing, product development, UX, or CX)

601 total respondents

Male: 44% | Female: 55% | Non-binary: 1
Representation: 45 of 50 state
(excluding: ID, MT, NM, VT & WY

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