It is true; holidays are economic tools used by corporations to encourage unjustified spending and to mobilize products that are niche specific. Many of the holidays that we celebrate right now are commercially constructed for the economy to grow – Valentine’s Day, Mother’s Day, Father’s Day, etc.
Each of these holidays is established to encourage the idea of giving gifts. A guy will buy his girlfriend a bouquet of roses on Valentine’s Day, a daughter will buy a new set of ties for her dad on Father’s day, or a son will give a spa service gift to his mom on Mother’s day.
These holidays can be very costly to those that celebrate them. But, believe it or not, America is looking for another holiday to spend money. And, apparently, all these holidays that we commemorate
But, this one is different. When all other holidays are encouraging gift giving to someone, Americans now want to have a holiday where they can give gifts to themselves.
According to a study of 1,000 US consumers’ attitudes toward commercial holidays, while the market wasn’t able to fill this marketing gap, consumers are ready to spend on a holiday that will encourage them to shop for themselves, and as the researchers call it: an unofficial holiday, centered on shopping, created by a retailer, brand, or manufacturer.
The data from the study revealed that 31% or almost a third of the respondents expressed interest in having a new commercial holiday during the first quarter of the year with 21% of them prefers it to fall in January; a perfect time between New Year’s Eve and Valentine’s Day.
When the survey asked the consumers to whom should the new holiday be dedicated for, most responses are evenly divided between ‘me’ and ‘others.’ The researchers said that ‘others’ might include pets.
Regardless of whether the new holiday is focused on themselves, or their family, or their pets, shoppers are very willing to spend on another new holiday. More than half (52%) of the respondents said that they are eager to pay $50-$200 to celebrate a day dedicated for themselves. The median amount they are willing to spend observing themselves is $100, which is double the $50 they are willing to spend celebrating others.
Unsurprisingly, Millennial and Gen Z shoppers (18-24-year-olds) are 1.5 times more likely to want to celebrate a ‘celebrate yourself’ holiday than the average consumers (32%). The most popular response when asked how they would honor the holiday is going to a spa.
Additionally, results show that people are more willing to celebrate their ‘treat yourself’ day ‘doing’ something than ‘owning’ something. Travel and dining/entertainment rank the two highest categories with apparel, and footwear come in a close third.
Another study has revealed that Americans are spending more than $7,000 in self-care and self-satisfaction products. This data goes to show that Americans are eager to spend on another holiday dedicated to themselves. Here’s a summary of the annual spending behavior of Americans:
- Food: $7,203, which can be further broken down into $4,049 of food at home and $3,154 on food away from home.
- Alcoholic Beverages: $484.
- Housing: $18,886, which includes mortgage payments or rent, property taxes, maintenance, utilities, household services, and products, furnishings, and appliances. Every month, this implies that the average household spends $1,573 on all of these expenses combined.
- Apparel and Services: $1,803.
- Transportation: $9,049. In addition to the cost of vehicles, this includes gasoline, finance charges, maintenance, insurance, and public transportation expenses.
- Health Care: $4,612, which includes the cost of health insurance, medical services, prescription drugs as well as other medical supplies.
- Entertainment: $2,913. This includes in-home entertainment costs, as well as outside-the-home entertainment ventures. Certain other expenses, such as your pets, are included here.
- Personal care products and services: $707.
- Reading: $118.
- Education: $1,329.
- Tobacco products and supplies: $337.
- Miscellaneous: $959.
- Cash contributions (charity, for example): $2,081.
- Personal insurance and pensions: $6,831. The most considerable expense in this category is Social Security payroll tax, but life insurance premiums and pension contributions are also included.
- Personal taxes: $10,489, which includes the average household’s $8,367 federal income tax bill, as well as state and local income taxes.