AMEX TRENDEX REPORT HIGHLIGHTS TRAVEL, EXPERIENCES AS HOLIDAY CONSUMER TRENDS

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. 

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.

2024-09-17T02:17:52Z dg43tfdfdgfd