Survey: Younger shoppers expected to spend the most this holiday
Young adults, ages 18 to 24 years old, are expected to spend more this holiday season given more disposable income, according to a survey from the National Retail Federation and Prosper Insights & Analytics.
Nearly half of the age group, 46 percent, will spend more this year than last year, while 54 percent of consumers overall expect to spend about the same as last year.
"As Gen Z and millennials get older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers," NRF President and CEO Matthew Shay said in a press release. "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."
One reason is the additional full shopping weekend before the holiday. The survey also expects gift cards to be a popular low-risk option and there will likely be a boost in food gifts as well.
Companies: National Retail Federation