As the holiday season approaches, consumers are gearing up to spend more than they have a year prior. Social media will be a key channel many leverage for their gift giving needs, with TikTok emerging as a holiday shopping haven for many.
That’s according to new research from ESW, which found that TikTok has become a top discovery resource across all generations. Indeed, more than a third (36%) said they plan to use TikTok for all of their holiday inspirations this year. As expected, younger consumers are more likely to lean on the social media app than their older cohorts, with 53% of younger consumers ages 18 to 29 saying they will use TikTok for gift giving.
While TikTok is becoming quite the shopping destination and a source of inspiration for all consumers—interestingly older respondents are more likely to shop for gifts via TikTok Shop. According to the ESW study, 16% of respondents ages 40 to 60 said they plan to buy gifts from TikTok, and half (8%) of respondents ages 18 to 29 agreed.
Tis the Season to Shop
Overall, ESW found that consumers are planning to shop more this year compared to this year, which echoes similar studies we’ve previously covered from Adobe, PwC, and Shopify, which have said as much.
And just like the other studies have reported, ESW found that consumers will start their holiday shopping earlier—noting that Oct. 22 will be the average day that shoppers will start their gift buying.
Despite the fact that more consumers plan to shop this year, many are still looking for discounts and deals.
“While holiday spending will be up this year, our survey found that 52% of shoppers have a pessimistic outlook for their budget, with 20% expecting to spend more and get less due to inflation,” said Martim Avillez Oliveira, Group Chief Revenue Officer, ESW in a prepared statement. “Retailers have an opportunity, though, to elevate their online experience to take advantage of shoppers moving more of their holiday budget online.”
