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As the holiday season approaches, a new report by TransUnion reveals that millennials are planning to spend the most this year. The study found that 63% of millennials plan to spend the same or more on their holiday shopping compared to last year. This optimism is driven by a positive outlook on their household finances and future income prospects.
TransUnion's Q4 2024 Consumer Pulse study, based on a survey of 3,000 American adults conducted between October 1-9, 2024, found that 33% of millennials plan on spending more than $500 this holiday season, the highest of any generation. Furthermore, 65% of millennials are optimistic about their household finances, greater than the 58% total for the entire population and the highest among generations surveyed.
In addition, 41% of millennials reported that their income increased during the past three months, compared to 29% across generations. Looking ahead, 63% of millennials expect their income to increase in the next 12 months, compared to 53% for the entire population.
Charlie Wise, senior vice president and head of global research and consulting at TransUnion, commented on the findings, saying, "We are about to enter the busiest period of the holiday shopping season and it’s a good sign for retailers and lenders that consumers are more optimistic about their household finances compared to one year ago." He added, "Based on our research, it’s clear that millennials will play the largest role this holiday shopping season with the greatest expected spend." (TransUnion)