Gen Z Is Spending the Least
Most demographics are reducing shopping, too.
Broken down by demographic, Gen Z, Millennials, and Baby Boomers are all projected to spend less, although the amount of belt-tightening varies widely by generation. Boomers are spending 6% less than last year, Millennials are spending 13% less, while Gen Z is making the biggest shift with a 34% drop in spending.
This makes Gen Xers the only big generation that will likely spend more on presents and other holiday expenditures this year (3% more, to be precise).
This might just be a recession indicator, as the kids say. The younger generations have fewer funds saved in general, and are cutting down in spending when they can in order to set their savings on the right path.
