Most consumers say they will spend about the same amount during the holiday season this year as last year, but a new survey released by the National Retail Federation and Prosper Insights & Analytics indicates that young adults ages 18 to 24 years old are the most likely to increase spending.
In the survey, 54% of consumers said that, overall, they plan to spend about the same as last year, with 24% planning to spend more, but among those ages 18 to 24, including the oldest members of Generation Z, 46% stated they would up their purchasing.
“As Gen Z and Millennials gets older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers,” said Matthew Shay, NRF president and CEO. “This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists.”
The survey, which asked 7,439 consumers about holiday shopping plans, was conducted October 31 to November 7 and has a margin of error of plus or minus 1.2 percentage points.