Registry participants would rather contribute to the $500 Cuisinart from Crate & Barrel or the $2,000 sofa from West Elm versus giving a few $10 spoons. It’s simply more meaningful.
Las Vegas, NV (PRWEB) March 22, 2017
Pay By Group is today announcing the results of its Millennial Shopping Habits survey. The results were announced at ShopTalk, the leading conference for Internet retailers, held in Las Vegas every year.
“The results surprised us,” said Camilo Acosta, CEO and co-founder of Pay By Group, “we didn’t expect online retail shoppers to have such a strong appetite for group payments but they do.” According to the survey results, 53% of Millennials have been forced to split a gift post-purchase because a gift splitting option was not available at the online checkout. “It’s amazing to us how many Millennials are trying to work around the clunky checkout experience to make these gifts happen, and 74% would spend more if a group payment option was available at checkout.” The results suggest shoppers have a psychological threshold for how much money they are willing to risk in the hopes they get re-paid by friends or family for a group gift. The threshold is removed as an obstacle to buying a pricier gift when a group pay option is available.
The effect of group payments on registry is even more astounding: 72% of Millennial shoppers said they would prefer to split a registry gift in order to send a more meaningful item. “What we see is people would rather contribute to the $500 Cuisinart from Crate & Barrel or the $2,000 sofa from West Elm versus giving a few $10 spoons. It’s simply more meaningful,” said Acosta.