Most experts are calling for a robust holiday shopping season this year — and a new national survey indicates young adults (18- to 24-years-old) could lead the charge, metaphorically and literally, to increase spending.
“As Gen Z and Millennials gets older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers,” said Matthew Shay, president and CEO of the National Retail Federation. “This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists.”
The recent NRF survey found that 54 percent of consumers overall plan to spend about the same as last year, with 24 percent planning to spend more. But among those ages 18-24 — which includes the oldest members of Generation Z — 46 percent say they will spend more than last year. The next-closest group was those aged 25 to 34 years old, with 39 percent planning to spend more.
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