In the world after the COVID-19 pandemic, many things have yet to return to the same. Work from home and medical treatment are just 2 examples of many. However, one aspect of society that still suffers poorly today is consumer finances. Compared to just 4 years ago in 2021, the U.S. population on average has a lower Equifax Market Pulse Index. This is a metric that looks more holistically at consumer financial status, such as credit history, debt, total assets, and income. It also analyzes much larger financial trends, such as the impact of rising student loans and the increasing rates of delinquencies. When comparing all these factors, all generations drop at least 0.3 score – with the exception of Baby Boomers. However, younger generations suffered disproportionally.
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This Year’s Holiday Shopping Trends
One of the most popular solutions for this is by handling spending via Buy Now, Pay Later (BNPL) service. Simply enough, consumers can disperse their payments over time for anything from furniture to electronics to clothes. Early forecasts predict that 67% of parents intend to use BNPL services for holiday shopping. Furthermore, nearly half of all consumers say BNPL directly influences where they buy gifts from.
Another way Gen Z ensures they have enough gifts for the holiday season is by early shopping. It is estimated that as much as 39% of all planned holiday gift shopping happens in the 5 days between Thanksgiving and Cyber Monday. This is just around the same percentage as 2024, which marked a record-breaking year for the holiday season. On a broader scale, around 80% of all planned holiday shopping will be done by the end of Cyber Monday.
The last resort for generations without disposable income is simply cutting back across the board. As much as 82% of consumers save costs on groceries in order to afford holiday gifts for family and children. Fortunately, there is a much easier way to enjoy the holiday season without breaking the bank. Companies like Equifax offer numerous financial advisors to help preserve your wealth.
Conclusion
Their financial experts monitor market conditions to glean insights and trends to help you hedge your assets or make savvy financial moves. Best of all, the modern era of technology makes connecting with a financial advisor more accessible than ever. To get more personalized advice you can virtually connect 1-on-1 or you can learn at your own pace with a market pulse webinar. Ultimately, if you want to make sure you make the most of your income and have enough for the holidays, taking advantage of a financial advisor is the way to go.