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.)