#holiday shopping #Split Payments #Baby Boomers

Growing Trend Among Generations: Baby Boomers Lead in Holiday Gift Payments

As the holiday season approaches, an interesting trend has been observed among different generations regarding how they plan to finance their shopping sprees. According to a survey conducted by Splitit in collaboration with PYMNTS, nearly 75% of Baby Boomers, or 73% to be precise, will opt for pay-later options when purchasing gifts this year. This indicates a noteworthy shift in consumer behavior, especially among a generation often characterized by their budget-consciousness.

In contrast to Baby Boomers, only 68% of Generation X and 65% of millennials will use similar strategies to manage their holiday expenditures. Surprisingly, Generation Z—the youngest adult cohort—shows the least interest in pay-later services, with only 60% planning to use these financial tools for holiday gifting.

The Preference for Pay-Later Options Explained

Nandan Sheth, CEO of Splitit, expressed his astonishment at the data revealing that Baby Boomers are leveraging pay-later services more than their younger counterparts. This might indicate a broader acceptance and need for alternative payment methods across all demographics, not just among those who typically lack financial resources. As Sheth notes,