Gen Z plans to spend $3,300, while millennials will fork over $4,000 this holiday season.
When it comes to holiday shopping, expect Gen Z and millennials to splurge while Baby Boomers reel their budgets in.According to a new Bank of America holiday survey, Gen Z plans to spend $3,300, while millennials will fork over $4,000.The older generations, on the other hand, have far more conservative holiday budgets. Gen X said they'd spend $1,200 during the holiday season.Baby Boomers had the lowest spending plans of all, only electing to spend $800 this holiday season.
'There was also a difference in holiday spending budgets by gender. Men will spend nearly double the amount as women, the study found, with an average of $2,750 compared to women's $1,400.The majority, 62 percent, of consumers are feeling strain around spending this holiday season, but that's down from 67 percent in 2023, potentially indicating improving economic conditions.
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