WASHINGTON—Who will spend more this holiday season—Boomers or Millennials?
According to a new report, the older generation will dig deeper into their wallets.
Baby Boomers will spend around $800 this season. Millennials plan to spend less—just $431, according to Nerdwallet, which added that the average consumer will spend $660 on holiday gifts.
This year, holiday retail is expected to reach $682 billion, according to the National Retail Federation.
Many shoppers will be skipping the malls to surf the web instead. Eighty-four percent say they will shop online for gifts this year, Yahoo Finance reported.