Holiday Shopping 2023: Survey Compares Boomer Budgets to Other Generations

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The holidays are a time for celebrating with loved ones, spreading joy, eating festive foods — and spending a lot of money. But how much you spend may depend on which generation you belong to.

A new GOBankingRates survey asked over 1,000 Americans about their spending behaviors and financial standing during the holiday season, including how much they plan to spend this year and whether they are better or worse off financially this season compared to 2022. Here’s a look at what they said, including a breakdown by generations.

Key Stats

• Gen Z and millennials are most likely to spend big bucks on holiday shopping. Roughly 7% of Americans ages 18 to 24 and 8% of Americans ages 25 to 34 plan to spend over $2,000. Meanwhile, just 3% of adults ages 45 to 54 and 4% of adults ages 55 to 64 plan to spend that amount.
• Older Americans are most likely to spend less than $200. 38% of Americans ages 55 to 64 said they will spend less than $200, compared to just 21% of those ages 25 to 34.
• Overall, nearly 20% say their financial situation this holiday season is “significantly worse than last year.” When broken down by generation, 20% of adults ages 18 to 24 responded the same.

How Much Did You Spend on Holiday Shopping Last Year?

The largest proportion of Americans (28%) said they spent between $201 and $500 on holiday shopping last year. The next most popular responses were less than $200 (25%) and between $501 and $1,000 (24%). Fewer Americans were big spenders: 16% spent between $1,001 and $2,000 and just 7% spent over $2,000.

As for which generation was the most frugal when it came to holiday shopping in 2022, that distinction goes to older Gen X/boomers. Americans ages 55 to 64 were the most likely to have spent less than $200, with 33% of this age group spending that amount.

Millennials and younger members of Gen X spent the most during last year’s holiday season, with 8% of Americans ages 35 to 44 spending over $2,000.

How Much Do You Plan To Spend on Holiday Shopping This Year?

Slightly more Americans will be tightening their purse strings when it comes to holiday shopping this year. While the largest proportion of Americans (31%) still plan to spend between $201 and $500 on holiday shopping, a greater proportion than last year (27%) plans to spend less than $200.

Here’s a look at how holiday shopping budgets break down for the different generations:

• The largest proportion of Gen Zers ages 18 to 24 (34%) plan to spend between $201 and $500 this year.
• Older Gen Zers and young millennials ages 25 to 34 are most likely to spend between $501 and $1,000 on holiday shopping this year, with 31% planning to spend in this range.
• Most Americans ages 35 to 44 (millennials and young Gen Xers) will spend $1,000 or less on gifts this year. A quarter of Americans in this age range will spend less than $200, 27% will spend between $201 and $500, and 27% will spend between $501 and $1,000.
• Among Gen Xers ages 45 to 54, 66% will spend $500 or less this year, with 32% spending $200 or less.
• Young Gen Xers and boomers ages 55 to 64 are the most likely to spend the least this holiday season, with 38% budgeting less than $200 for holiday shopping.
• One-third of boomers and seniors ages 65 and above will spend between $201 and $500 on holiday shopping this year.

How Would You Compare Your Overall Financial Situation This Holiday Season to Last Holiday Season?

While the majority of Americans said their financial situation has stayed the same or improved since last holiday season, 42% said their situation has gone downhill. The survey found that 23% are at least somewhat worse off than last year and an additional 19% are significantly worse off.

As for which generation has suffered the most, Gen X has the largest proportion of respondents (26%) that said that they are significantly worse off this year than last year. Gen Z is the most likely to have had their financial situation significantly improve, with about 6% of Americans ages 18 to 24 saying they’re in a much better place.

Overall Survey Results

Methodology: GOBankingRates surveyed 1,039 Americans aged 18 and older from across the country between Nov. 9 and Nov. 13, 2023. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

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