①During the Christmas season, expectations among American consumers to receive cryptocurrency as a gift have increased, with 28% of adults expressing willingness to accept it, rising to 45% among younger generations;
②Under inflationary pressures, consumers are leveraging price comparison tools and artificial intelligence to find discounts in order to save on expenditures;
③This positions cryptocurrency as a flexible gifting option amid tight budgets while also being viewed as an entry point for investment.
Western countries are celebrating Christmas, but this year's Christmas-New Year holiday will be overshadowed by inflation, leading to a shift away from traditional spending patterns. Compared to conventional holiday gifts such as chocolates, greeting cards, and practical small appliances, Americans are seeking more economical ways to give presents.
A report from Visa shows that American consumers are increasingly expecting to receive cryptocurrency as a holiday gift during Christmas. Twenty-eight percent of adults stated they would be very pleased to receive cryptocurrency, with this figure reaching 45% among the younger Gen Z cohort.
Meanwhile, nearly half of shoppers (47%) indicated in surveys that they have used artificial intelligence tools at least once to complete shopping tasks, with gift idea generation being one of the most frequent queries in AI-powered question-and-answer sessions.
This aligns with findings from other holiday retail reports, which conclude that due to ongoing inflationary pressures, an increasing number of consumers are leveraging price comparison tools, including artificial intelligence, to find deals and reduce household expenses.
A study by Nationwide reveals that two-fifths of Americans plan to cut back on spending this Christmas, opting to buy fewer gifts, choosing cheaper alternatives, or foregoing gift-giving altogether.
Buy the dip
Global crypto trading platform Bitget views the newfound acceptance of cryptocurrency as a Christmas gift as a signal of the normalization of crypto culture, indicating that under tight budget conditions, cryptocurrency can serve as a more streamlined and flexible form of gifting.
This cultural shift is particularly embraced by younger generations. Those born between 1997 and 2012, known as Gen Z, epitomize the “digital-first” mindset, showing a greater inclination toward using biometric authentication, shopping via social platforms and engaging in cross-border purchases, and even using cryptocurrency for transactions.
Another report suggests that young Americans view cryptocurrency both as a gift and as a first step into the world of investing. This is a key reason why some still welcome receiving it as a present despite the overall weak performance of the crypto market, as holding it is seen as an opportunity to buy the dip.
Currently, $Bitcoin (BTC.CC)$Prices have been fluctuating above $88,000, representing a nearly 30% decline from their peak this year, with other digital currencies also experiencing significant drops, presenting a stark contrast to the booming conditions before October. Analysts predict that the cryptocurrency market will continue to experience volatility in the short term.
Editor/melody