Millennials plan to spend more money this holiday season, and will use their mobile devices to do the majority of their shopping.
Discover’s annual Holiday Spending Survey polled Generation Z, millennials, Generation X and baby boomers on their previous holiday shopping habits and upcoming plans to purchase. The results showed that 35 percent of millennials said they will be spending more money during the holidays compared to last year, while 26 percent of Gen Z, 23 percent of Gen X and 16 percent of baby boomers also expect to open their wallets more often this season.
As for how much they're willing to spend, 39 percent of millennials are going to fork over $750 or more on gifts, with 35 percent of baby boomers, 33 percent of Gen X and 11 percent of Gen Z expecting to spend the same amount. Almost half of the millennials polled said a boost in income is the reason they will be extra generous when gift-giving, while 49 percent said they simply have more people to buy for this year.
Seventy-three percent of millennials will be using a mobile device to shop for gifts, while 58 percent of Gen X, 48 percent of Gen Z and 32 percent of baby boomers plan to shop via mobile. Credit cards are the favored payment type for the holiday season, a growing trend over the past few years. In fact, 42 percent of respondents in 2019 said they expect to use credit cards for most of their holiday gift purchases, compared to 38 percent in 2018 and 32 percent in 2017. For those consumers, 55 percent said they will mostly use credit cards to earn points and rewards.
“Consumers want to get the most for their money when they make purchases, especially as they buy gifts on a holiday budget,” said Shannon Kors, vice president of customer rewards and benefits at Discover, in a press release.