Holiday Spending Expected to Increase
Despite fear of a recession, holiday spending is on the rise. Deloitte reported that the average family in the US will spend the same or more than last year. The 2019 Deloitte Holiday Retail Survey, a nationwide survey, indicated that holiday spending will increase by 4.5%-5% this holiday season. The majority of this years spending will come from families who earn $100,000 or more, accounting for 65% of spending. Generation X will be there largest spenders, accounting for 35 percent of all spending. While Baby Boomers will account for 31%, Millenials will account or 27%, Seniors at 4% and Gen-Z at 3%.