Millennials are set to lead holiday spending this season, with 63% planning to spend the same or more than last year, driven by optimism and recent wage gains. Despite rising credit card debt, average spending is expected to rise by 8% to $1,778, with buy now, pay later options gaining popularity, though they may lead to overspending and debt cycles.
Inflation is disproportionately impacting lower-income households, with only 18% of those earning under $50,000 feeling they can afford holiday spending. In contrast, 52% of those making $100,000 or more believe they can easily manage holiday expenses, reflecting a growing income disparity. About 20% of Americans anticipate going into debt for holiday celebrations, with many still grappling with previous holiday debt.
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