The holiday season is a time for gathering with friends and family, for sharing delicious meals, and for celebrating shared traditions. But in addition to all of these things, it’s also a time for shopping — on mobile phones to avoid family quarrels, in crowded stores blasting carols, and every shopping experience in between. And with family parties, office gift exchanges, and more, consumers have an ever-growing number of items to shop for on their holiday lists.
In Marqeta’s recent State of Credit report, we asked more than 1,000 UK consumers their plans for tackling holiday shopping this season. Here are some of the key insights from the report.
Festive Flexibility
Making the most of financial resources is key to enjoying a low-stress holiday season, and perhaps that’s why an increasing number of UK consumers are seeking flexible payment options. Our research reports that 15% of UK shoppers plan to use Buy Now, Pay Later this holiday season, with almost half (47%) reporting that they will be using digital wallets to pay for the majority of their holiday purchases.
Online Shopping Prevails
As in-store retail shopping continues to decline, online shopping is on the rise this holiday season. Marqeta’s data finds that UK consumers planning to check off their holiday shopping lists in brick and mortar stores have dropped by more than half this year, now coming in at just 24%, down from 50% in 2023.
Savings Rise
While the holiday season is often considered one of the most expensive times of year, survey results show that UK consumers find themselves in a stronger financial state in 2024 than they were in the preceding year. According to the report, 51% of participants were able to save more money heading into the holiday season this year than in 2023.
Credit Rewards See Results
There are few things better than free money, and a great credit card rewards program can feel like exactly that. Earning rewards on everyday purchases can be an incredibly effective incentive, perhaps even more so during peak shopping seasons like the winter holidays. In fact, Marqeta’s recent data reports that 43% of UK consumers with more than one credit card would be more likely to choose a particular card at checkout more often if it offered superior rewards.
Sustainable Shopping
In a recent Marqeta livestream, the intelligence consultancy KAE revealed insights into Gen Z's financial behaviors. With 43% of this generation identifying as "Ethical Explorers," this generation is transforming holiday shopping from a transactional experience to a values-driven statement. These conscious consumers are carefully curating their purchases, prioritizing sustainability and brand ethics with every intentional spending decision.
Giving the Gift of Financial Insights
For more insights on how consumers are spending, swiping, and borrowing this holiday season and beyond, take a look at Marqeta’s 2024 State of Credit report.
