Millennials say they're ready to spend this holiday — but will they deliver?
As more of these young consumers enter the workforce and start to climb the corporate ladder, a handful of holiday surveys have found they will drive much of the anticipated increase in retail sales this winter.
Americans between the ages of 18 and 34 told PwC they plan to spend $1,053 this Christmas, up 26 percent from 2015. While that budget is less than what Generation X and Baby Boomers said they'll spend, the gain is substantially larger.
Studies by Adobe Digital Insights and Accenture came to similar conclusions. Adobe's research found that millennial shoppers plan to raise their budgets by nearly 45 percent this year, to an average $993. That compares with an 8 percent lift from older shoppers, who are planning to shell out $1,009.
And at Accenture, 61 percent of consumers between ages 18 and 24 said they'll spend more this Christmas, along with 54 percent of respondents between 25 and 34. That's greater than the planned uptick from the overall population, with 44 percent saying they'll increase their budgets.
The results come despite ballooning student loan debt, which many experts predict will hold back consumer spending this holiday and down the road.
"What we've seen is no matter how bad the economy is, we always have a Christmas," Moody's analyst Charlie O'Shea told CNBC. "[But] there are a lot of variables here."