A tale of two holidays

According to PwC's Holiday Outlook, shoppers are expected to spend an average of $1,638 on gifts, travel and entertainment this holiday season, a 7% increase from 2023

While the overall average points to increased spending, individual behavior across income levels paints a more complex picture. Some consumers are spending more, while others are cutting back, reflecting different spending habits influenced by inflation, which has raised costs across the board.

Key takeaways

• Millennials lead the way in holiday spending, with Gen Z following closely behind. Over the past two years, their holiday budgets have increased by 59%, and Millennials will spend 22% more this season than they will in 2023;
• In contrast, Gen Xers are reducing their holiday spending by 9%, while Baby Boomers are cutting back by 6%;
• Among those planning to travel, 39% of domestic travelers and 50% of international travelers also plan to spend more overall - on gifts, travel and entertainment - compared to other consumers.

Get the full report at PwC