Mckinsey: 87% Of Gen Z Will Use Social Media For Holiday Shopping Inspiration

Holiday shoppers have embraced the omnichannel shopping experience this year with social media influencing 58% of respondents’ buying decisions, according to McKinsey’s 2021 holiday survey. Consumers said the platforms influencing their decisions are Facebook (67%), YouTube (57%) and Instagram (52%). For the 87% of Gen Z shoppers deriving holiday shopping inspiration from social media, YouTube, Instagram and TikTok will be the platforms they turn to for guidance. Similar to other reports projecting a rise in holiday sales, the survey predicts that consumer spending in Q4 2021 will increase by 7% compared to last year and 9% from 2019. The firm anticipates that high-income earners will spend 15% more than the previous year, and millennials will spend 10% more. Read more at Retail Dive.