Shopify president reveals which generation will spend most this Christmas

The Shopify President, Harley Finkelstein, reveals which generation is projected to spend the most this Christmas.Source: Reuters

Transcript

00:00 We did a survey with Gallup a couple weeks ago where we asked US consumers what they

00:06 plan to spend this year relative to previous years, and two out of three said they plan

00:13 to spend as much or more this year than they did last year.

00:16 Gen Z will be the biggest spenders this holiday season.

00:18 I don't think that's that surprising.

00:20 How they're spending, though, is also going to be really interesting.

00:23 We talked about social commerce recently, you and I, and right now a vast majority of

00:28 us spend our time on social media.

00:30 Let's just use Instagram as an example.

00:32 Most of us are using social media right now as a discovery tool, not necessarily as a

00:35 transaction tool.

00:36 That's changing.

00:38 The reason that we were shop-wise partnered with companies like TikTok and Snap and Pinterest

00:42 and BiblePens and YouTube Live Shopping, but also Instagram Commerce, is that Gen Z wants

00:47 to actually complete the purchase right there, and so that's what we're trying to empower.