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Credit: PwC
A recent FORBES piece asked if hipsters are the new yuppies. The author argued that hipsters represent the best of yuppie consumerism while also having a better sense of their place in the world than yuppies—young urban professionals in the 80s—did.
Hipsters—upwardly mobile, college-educated millennials living in enclaves such as Austin, Brooklyn Oakland, and Portland—are conspicuous consumers, much like yuppies. They told us in our 2016 Holiday Shopping Outlook that they will spend more this season than consumers overall: $1,670 versus $1,121.
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Mobile shoppers
Unlike yuppies, hipsters laid-back vibe combines a grounding in reality with a spirit of adventure; they are forging their own path quite apart from other consumers. And they are way out ahead of other shoppers in their use of mobile devices.
In fact, this holiday season, they will eclipse other customers by a whopping 20-point margin as they tap, tap, tap away on their mobile devices in search of the perfect gift at the perfect price. And they’d much rather shop online (57%)—often via mobile device—rather than go to a store (43%).
Going places
These recent college graduates are eager to flex their disposable income muscle. In fact, hipsters will spend a hefty third of their holiday budget on themselves. Most likely on footwear and apparel; personal and home electronics; and vacation travel.
They plan to spend twice as much on travel as consumers overall this holiday season. And a vacation is the No. 1 factor that could curtail their holiday spending, followed by a major life event such as a new job, marriage, or baby. Other considerations include a new house or car.
Digital natives
Having come of age in an era of local, artisanal gifts, hipsters aren’t much for gift cards. Unlike shoppers overall, almost half of whom would like to receive a gift card. And they aren’t as interested in Black Friday as other shoppers. However, they are more likely to shop on Thanksgiving Day, especially online.
E-mail is their preferred option for discounts, promotions, and coupons. And they sleuth out brands on social media way more so than via TV. Typically by following influencers of their choice. In fact, our hipster survey showed that their discovery of brands via television lags consumers at large by an almost 20-point gap.
Socially conscious
These well-heeled hipster consumers are more likely than shoppers overall to seek out luxury and specialty stores. And they donate more to their favorite causes than other consumers, making them far more socially conscious than their yuppie counterparts from the 80s. In fact, 25% of hipsters will give more this year than last, compared with 20% for consumers overall. As with younger consumers, hipsters are drawn to brands with a clear sense of social and environmental purpose.
Their distinctive combination of spending habits, digital proficiency, preference for experiences, and social awareness make hipsters a highly sought-after consumer segment this holiday season.
