2024 State of Shopping and Saving Report

To win the holidays this year, It may not be enough to buy gifts off of your loved ones’ carefully curated list. According to new research from Rakuten and The Harris Poll, many of your fellow shoppers are also prioritizing saving on their gift shopping this holiday season. Specifically, nearly half of Gen Z and 1 in 3 Millennials say they will save more this year than they did last year.

This new data comes from a survey Rakuten conducted with The Harris Poll of 2,000 people across the US that explores the shoppers’ behaviors, saving decisions, and trends heading into the 2024 holiday shopping season.

You can find Rakuten’s State of Shopping and Saving Report here for a full summary of the holiday survey data, along with a preview of what we expect to see in 2025. 

Key Takeaways

Shop Smarter, Not Harder 

This holiday season, shoppers plan to be more intentional about their spending habits. 

Specifically, amongst shoppers: 

• 1 in 2 Millennials and 40% Gen Z plan to use Cash Back offers this holdiay season.
• • 40% of Millennials plan to stack sales on top of Cash Back. 
• 54% of shoppers reported they’ll typically only purchase gifts when they’re on sale.
• 32% of shoppers plan to use spreadsheets or budgeting apps to track their spending.

FOMO Shopping

Whether it’s being able to snag a limited item or participating in a trend, FOMO will be a major driver for this year’s holiday shopping season. 

Specifically, amongst shoppers: 

• 59% of Gen Z reported being afraid of a product selling out. This is a concern for Millennials too (43%).
• 43% of shoppers reported being tempted to buy something after seeing it in a stranger’s shopping cart. This is most prevalent among Gen Z (63%) and Millennials (52%).
• 31% of Gen Z reported liking being told what trends to follow.

A Look At What’s to Come 

We were also curious to see what trends would take hold during the busiest shopping season of the year, and carry over into 2025. 

Specifically, amongst shoppers: 

• 56% of shoppers say that shopping is a social activity for them. 
• Additionally, 54% of shoppers admit to downplaying their spending to friends and family.
• And 28% of shoppers report they turn to their friends to justify their spending decisions.

Rakuten members can take advantage of some of the highest Cash Back rates of the year this holiday season, including an exciting Cash Back event planned ahead of Black Friday and Cyber Monday. Signing up for Rakuten is free and easy, and there’s no better time to start earning Cash Back on all your purchases. Happy shopping!