The hottest inflation in 40 years, decades-high financing costs and rising recession risks are dashing Americans’ hopes for the first normal holiday season in two years — and a recent Bankrate poll suggests younger Americans could experience the most stress.
Nearly 1 in 4 Generation Z and millennial holiday shoppers (or 24%; ages 18-41) expect they’ll feel pressured to spend more than they’re comfortable with this season, two times as high as their older Gen X and baby boomer counterparts (or 12%; ages 42-76), Bankrate’s holiday shopping survey found.
Meanwhile, nearly a third of those younger holiday shoppers (at 30% combined) say the upcoming season will strain their budget versus 25% for both Gen X and baby boomers. That’s despite being more likely than those older generations (at 38% versus 32%) to set money aside in advance.
