How Wall Street Handles Holiday Gifting

The notoriously grueling hours of the finance industry make it difficult for professionals to find time for holiday shopping. To manage this, many Wall Street workers are turning to outsourcing or convenient local options to handle their gifting needs.

Key strategies include:

• Using concierge services to suggest, buy, and deliver items.
• Hiring personal shoppers for expertise and convenience.
• Shopping at department stores near the office.
• Attending holiday markets hosted directly within company offices.

When buying for colleagues, alcohol is a dominant choice, with data indicating high spending among those in banking and investment sectors.

For many finance professionals, the end of the year brings a crunch that leaves little room for personal errands. Elisabeth Brown, the director of US membership at luxury travel and lifestyle concierge company Knightsbridge Circle, noted that time seems to move faster during this season.

Brown explained that gift help is a popular service among the company's members. The process is designed to be hands-off for the client after initial setup. "This time of year, time seems to move a little bit faster," Brown said.

Knightsbridge Circle will suggest, buy, and even deliver items. Members initially devote time to talking about their preferences and later to approving purchases, but otherwise pass off the responsibility of the actual shopping.

Other finance employees turn to personal shoppers for a mix of convenience and expertise. David Thielebuele, the fashion director of ready-to-wear at Bloomingdale's, highlighted the specific challenges faced during the end-of-year crunch.

According to Thielebuele, the personal shopping team can refine lists, buy items, and build event wardrobes. He identified "decision fatigue" as the real challenge for clients who can only devote fragmented chunks of time to gifting.

"The real challenge is decision fatigue," Thielebuele said. This service allows professionals to bypass the time-consuming process of browsing and selecting items while still ensuring quality and style.

Some professionals prefer to handle the shopping themselves but utilize proximity to their workplaces. Jeremy Balrup, who works in sales and analytics for Bloomberg's enterprise data business, said he often stops by department stores near his office in Midtown Manhattan to buy gifts.

For those who work at Goldman Sachs, leaving the office might not even be necessary. The firm hosts a holiday market in its New York, London, and Dallas offices, featuring graduates of its 10,000 Small Businesses program.

Approximately 80 vendors sold their items across the fairs. Asahi Pompey, Goldman's global head of corporate engagement, described the event as "one of the most joyful days on our calendar."

When it comes to buying presents for colleagues, alcohol seems to be a popular choice. A survey regarding Wall Street gifting indicated that about 40% of respondents working in finance were considering buying colleagues presents, with wine or liquor being the most popular items.

Eileen Rizzo, the CEO of Zachys Wine and Liquor, stated that her company's analytics show people with interests in banking and investment are among the most active audience segments. New York is the most active market.

Rizzo noted that Champagne is hugely popular around the holidays, along with Italian and Bordeaux wines. Zachys' top customers tend to spend around $900 per order. For those considering what to ask for personally, watches appear to be all the rage.