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Older Millennials Will Be The Biggest Spenders This Holiday Season

The holiday spending season is just around the corner, and most Americans say they’ll spend more shopping this year than they did last year. A survey of 1,500 U.S. adults by Accenture finds that overall, Americans say they’ll spend an average of $658 on holiday shopping this year (up from the average of $632 spent in 2017.)

Older Millennials (ages 28 to 37) will spend the most, spending an average of $779, while younger millennials (ages 21 to 27) expect to spend an average of $630, which is still more than in 2017.

Gen Xers plan to spend an average of $734 on their holiday gifts this year, while Baby Boomers plan to spend an average of $595.

Jill Standish, with Accenture, says, “Overall [Americans] are just less concerned about the economy. Last year 23 percent were concerned and this year it was only 15 percent. We’re seeing a lot of sensitivity around the economy going down.”

Another find: Millennials are increasingly choosing to buy experiences instead of things (like travel, theater tickets, spa treatments, and home cleaning sessions.)