Holiday shopping is in full swing and consumers still have a lot more spending to do as they check off every item on their holiday wish list, according to a new consumer sentiment survey.
While 77 percent of all consumers surveyed said they would spend the same or more this year, 43 percent of young adults ages 18-24 and 38 percent of those 25-34 said they would spend more. Only 9 percent of those 65 and older are planning to spend more.
“This holiday season retailers will experience the growing purchasing power of Gen Z and millennials,” said Matthew Shay, CEO of the National Retail Federation (NRF), about the Prosper Insights & Analytics survey. “Whether they are still in college or raising children, these consumer groups embrace the tradition of prior generations and take full advantage of Thanksgiving weekend deals both online and in stores.”
“Americans continue to engage in holiday traditions like spending time with family and friends, exchanging gifts and cooking a special meal,” Prosper Executive Vice President of Strategy Phil Rist said. “But today those traditions include going online to research products and compare prices to make informed purchasing decisions.”
The survey found that 50 percent of consumers who own smartphones or tablets said they would use them to research their holiday purchases.