The millennial dad could be retail's saving grace
The hot item this holiday season? Millennial dads.
According to a new report released by PricewaterhouseCoopers, based on a survey of spending habits going into the holidays, millennial dads have everything that retailers are looking for in a consumer.
Millennial dads, which PwC has defined as males, aged 22-35, with at least one child, will spend more on their families this holiday than all other consumer groups.
PwC surveyed 2,395 national consumers for its annual Holiday Outlook study.
According to the report, these millennial dads are likely to spend more on their families and less on themselves. They will also spend more on holiday travel than other groups, and 25% even said that they might buy a car if the holiday sales are good enough.
On another note, 94% of millennial dads say they're going to spend more or the same as last year.
Millennial dads also love tech. They said they will spend the majority of their dollars online, and use mobile devices like phones and tablets more than any other group. They will pay via smartphone at almost three times the rate of other consumers, and with wearables such as Apple Watches at nearly four times the rate of others.
The biggest boon for e-commerce giants: millennial dads are three times more likely than other consumers over the age of 16 to shop with smart home technology like Google Home and Amazon Alexa.
Retailers like Walmart and Amazon are placing big bets that voice shopping will be the next frontier of e-commerce, hoping it will increase sales and reduce the steps required to make purchases.
One sour note for retailers: millennial dads know it's the thought that counts. They prefer to give tangible gifts such as electronics and toys, and hate both giving and receiving gift cards.