According to the
latest Amex
Trendex report, travel, entertainment, and gift-giving are set to dominate
consumer behavior during the 2024
holiday season. Based on a global survey conducted by American Express,
which included responses from 13 countries, the report highlights how
individuals across the globe plan to spend their holidays, with trends pointing
to increased travel, social gatherings, and a growing preference for
meaningful, experience-based gifts.
Various Types
of Holiday Celebrations
As the holiday
season approaches, it’s clear that people are looking forward to celebrating in
a variety of ways. Over half of those surveyed (58 percent) plan to travel to
visit family and friends, while an additional 55 percent intend to take a trip
that doesn't involve visiting loved ones. A staggering 85 percent of travelers
expressed a willingness to spend more to ensure their trips are both enjoyable
and convenient. For those staying home, 40 percent are anticipating family or
friends to come to them instead.
Apparently, people
are also all about getting swept up in the romance of end-of-year traditions
and celebrations. According to the report, three-quarters of respondents (75
percent) believe the holidays are a romantic time of year. Among those actively
dating or open to it, about 22 percent admit they tend to go on more dates
during the festive period than at any other time.
The Festive
Spirit Takes Many Forms
This year, social
gatherings, festivals and live performances are at the heart of holiday
celebrations. A majority (57 percent) of respondents plan to either attend or
host holiday parties. Seasonal markets and festivals are also popular, with 45
percent indicating that they will attend these types of events, while 28
percent plan to see live shows and performances.
Interestingly,
when it comes to hosting merry get-togethers, many prefer to share the
responsibility. Seven out of 10 respondents mentioned that they plan to co-host
their holiday gatherings, with more than half (58 percent) of them planning to
start in on their preparations at least one month prior to the holiday itself. Retail
enthusiasts are also getting an early start on their holiday shopping, with 50
percent beginning their search for gifts as early as one to six months in
advance.
A group of friends celebrating during a holiday gathering. (Photo Credit: Adobe Stock/deagreez)
Gifting Experiences
Over Material Objects
When it comes to
gift-giving, many consumers are choosing to prioritize meaningful experiences
over traditional tangible items. Around 38 percent of respondents plan to give
their significant others experience-based gifts, while 32 percent are choosing
similar gifts for their children. The most popular types of experiences include
entertainment (59 percent), travel (54 percent), and food and drink outings (49
percent).
Friends, in
particular, seem to be favoring experience-based gifts. According to the
report, 69 percent of respondents prefer sharing experiences among friends over
traditional gift exchanges. An emphasis on sentimental gifts is also on the
rise, with 73 percent of participants stating they would rather give a
heartfelt present than a more conventional one.
When asked about
the gifts they hope to receive, respondents echoed these sentiments, with 70
percent preferring sentimental gifts, 67 percent favoring gifts from small
businesses, and 65 percent hoping for live experiences over physical presents.
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