This article was translated from our Spanish version using AI techniques. This process may cause errors. opinion expressed by entrepreneur Contributors are yours.
This long-awaited moment of the year has arrived in which food, meetings, gifts as well as, extra money which is celebrated closer to 2021. However, we see that this year there is more interest in giving Christmas gifts a more attached purpose to long-term plans.
Faced with times of uncertainty and changes, we have observed more conservative behavior among buyers, which has been maintained during these more than twenty months of the pandemic. Take good end discount season As an example, the trend was to make more planned purchases, do more research to find the best promotions and discounts, and reduce spending, especially on impulse purchases. About 19% of adult Internet users in Mexico will receive a Christmas bonus later this year, so in light of this financial panorama, the question arises as to what Mexicans will spend it on.
Although there are differences between generations, most will use it to buy consumer goods and pay off loans, which reacts to the way this year-end income is typically used. We see this in an increase in searches for this type of product during November and December. However, this year a third of people are planning to save or invest it.
According to a survey conducted by Google, 39% of people will pay off the debt with their Christmas bonus, while 17% plan to invest it and 12% plan to save it in an account. With regard to purchases, 14% will buy essentials, 13% will buy gifts, holidays or technology products and 4% will use it to finance a home or car.
Something that I found very interesting is that there are generational differences in investment and saving behaviour. Generation Z, today made up of people between the ages of 18 and 24, are 1.6 times more likely to save for their Christmas bonus, while Millennials, between ages 25 and 34, are 1.2 times more likely to invest. In fact, those planning to invest in it are 1.5 times more likely to plan from January onwards. This interest, which goes beyond buying, is an opportunity for financial institutions to rethink their financial education strategies and tailor their products to the needs of these generations, such as customizing their mobile applications and electronic platforms.
Throughout the year, we saw a consistency among people who plan more and make decisions that give them greater financial security and control over their money. This behavior is not temporary, we are facing a consumer who is more aware of his expenses and more interested in getting more profit. In January, for example, interest on investments, mortgages and car loans, as well as taxes, will increase. It is important that the year begins to take into account these interests and needs, as 2022 promises to be one of consolidation, where the learnings of this complex time begin to solidify towards the new consumer.