In a holiday season shadowed by economic constraints, a significant shift in gift-giving trends is emerging among younger consumers. According to the latest consumer report, “Unwrap the Subscriptions: 2023 Holiday Trends,” released by Recurly, the landscape of presents is changing. The survey, conducted with 1,000 U.S. adults, provides insight into how shoppers are adjusting their holiday-giving plans in response to economic challenges. 81% of participants agreed that the current economy would influence their holiday gift-giving, with 49% intending to spend less on gifts, 43% hunting for more deals and 36% planning to gift fewer people.
Subscriptions are emerging as a popular choice for meaningful yet budget-friendly gifts, with 67% of respondents expressing definite or possible interest in giving a subscription this season, marking a 4% increase from the previous year. Millennials and Gen Zers are leading this charge, with 73% of Millennials and 70% of Gen Z respondents showing interest in gifting subscriptions.
This trend is particularly pronounced among those most affected by the economic downturn. Of the respondents significantly impacted by the economy, 37% were “definitely” interested in gifting subscriptions, surpassing the overall rate of 27%.
“While this holiday season may see more cautious spending, the spirit of finding that perfect gift remains unchanged. Subscriptions have emerged as a way to provide meaningful experiences to fit tighter budgets. The rising interest in such gifts, both from givers and recipients, hints at a holiday season with fewer predictable presents and more thoughtful surprises,” said Theresa McEndree, CMO at Recurly.