Consumer Behavior

Millennials biggest holiday spenders

Adobe Stock

September 25, 2023

Millennials are far and away the biggest holiday spenders, exceeding every other age group by more than $600, and the average adult plans to spend $978 this holiday season.

Millennials plan to spend an average of $1,474 this holiday season, while Baby Boomers plan to spend an average of $626.

Those are top findings from the "2023 Holiday Report" commissioned by Samba TV and conducted with research firm HarrisX.

The data also revealed the majority of shoppers plan to spend the same or more money this year on holiday gifts. The research polled more than 2,500 American adults, according to a press release.

Additional findings include:

• More than half (54%) of consumers plan to delay their holiday shopping until after Thanksgiving, creating increased importance for brands to maximize their Black Friday and Cyber Monday sales. However, millennials are the exception to this trend, with less than half waiting until November to start shopping.
• 70% of people plan to holiday shop on Black Friday this year.
• Half of U.S. adults plan to do an equal mix of in-store and online shopping this holiday season. Black Friday has younger generations hooked on brick-and-mortar, with 48% of Gen Z planning to in-store shop on retail's most significant day of the year.
• 34% of people plan to shop in-store on Black Friday this year, while 58% plan to shop online on Cyber Monday.