Holiday season is finally here and Americans are ready to spend. A quarter of consumers say they plan to spend more this year than last they did last year, according to Discover's 2018 Holiday Shopping Survey, and millennials are the most eager.
Over a third of millennials expect their spending to go up, reports Discover, which surveyed over 2,000 U.S. adults ages 18 and older. That's compared with 33 percent of those in Gen Z, 26 percent of Gen Xers and just 16 percent of baby boomers.
Across all age groups, the average amount people expect to spend on gifts and necessities is $819, reports Harris Poll and advertising-technology company OpenX. Millennials plan to drop an average of $861.
The reasons shoppers expect to spend more vary: About 40 percent of millennials and 51 percent of those in Gen X credit higher wages. (The U.S. median household income reached a record $61,372 in 2017.) Meanwhile, 38 percent of Gen Xers and 36 of Baby Boomers who say they'll be parting with more money to accommodate more people on their shopping list.
And more consumers will be opting for plastic this year, too. "The number of those who expect to use credit cards to pay for most of their holiday gifts jumped to 38 percent this year, up from 32 percent in 2017," reports Discover.
That's largely because shoppers are trying to take advantage of cash back and other perks: "Among those who favor credit cards when making holiday purchases, 54 percent say earning rewards is the driving factor, up from 42 percent last year."