s radically transforming the shopping experience, which is most visible during the festive season.
Much like PayPal, holiday shopping has
grown beyond simply one button at one moment, now encompassing the
freedom of mobile devices and the security and simplicity to make a
purchase, with confidence, at a moment’s notice.
Shoppers will take advantage of this
freedom in many ways: to help relieve the stress of the season, to take
advantage of a great deal, or sometimes, conducting their sending,
spending and giving in an entirely new place! We combined data from our
network with a new survey to better understand these trends and here’s
what we discovered.
Shoppers will turn to mobile to stress less, buy big and make the most of Cyber Monday.
Many consumers find holiday shopping to
be stressful; so much so they’d rather do a multitude of unenviable
activities than fight the holiday shopping crowds.; 1-in- 5 Young
Boomers and Gen-Xers would rather go to the dentist; and, about 1-in-5
Millennials (19%) would rather text with their boss over the weekend.
Fortunately, more and more shoppers are
taking advantage of their mobile devices to simplify their shopping.
Thanks to innovations like PayPal One Touch™,
where shoppers can remain logged in to check out faster across millions
of merchants, PayPal saw a 56% year-over-year increase in mobile
payment transactions this past quarter and we expect to see more
shoppers turn to their mobile devices during holidays.
Smartphone shopping isn’t just for
stocking stuffers, however – PayPal predicts the largest holiday
transaction on mobile will cost more than $64,000. Not too long ago, the
thought of buying via mobile is the equivalent of a beautiful car on a
mobile device seemed like the distant future!
28 November is known across the globe
as Cyber Monday, and is one of the biggest online shopping days of the
year. We anticipate this Cyber Monday will mark the summit of the
shopping season once again, and PayPal expects more than $25,000 in
Total Payment Volume (TPV) per second at peak of Cyber Monday – with 40%
of Millennials planning to shop on a mobile device that day.
Anytime, anywhere shopping will reach new heights … and locations.
Even more than how they pay, shoppers are also particular about how and when they shop this season.
Case in point: 22% of respondents to a PayPal survey reported they will shop on the toilet—an increase of 7 percentage points over 2014! Furthermore, more than a third (34%) will shop in bed for their partner or spouse while they are sleeping next to them.
Also interesting, is the rise of the
second screen: 59% of Millennials plan do to their holiday shopping
while binge-watching TV. All that TV binging could signal what’s on
their wish list as PayPal predicts consumers will spend more than $141
million on digital music and entertainment subscriptions this holiday
season with PayPal.
Fortunately, wherever consumers are or
what else they’re doing at the time, PayPal connects them with a vast
network of 15 million merchants – from local artisans to big retailers –
all over the world so they can find one-of-a-kind gifts without even
having to leave the couch (or, wherever they may be).
Shopping and socializing will collide this festive season, as consumers eat, drink and shop merry.
Combining shopping with dinner or drinks
is no longer considered the faux pas it once was, especially if there
is a bargain to be had. In general, one in five Millennials will shop at
the dinner table with family and friends.
We’re excited about the festive season
ahead and can’t wait to hear about all the fun ways our consumers will
spend and give this year!
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