Millennials expected to outspend other age brackets over holidays
PHOENIX — You know that really cool uncle that always gives you a gift that’s a bit more expensive than normal?
You may want to look to your nephew this year for that gift.
BankRate.com said Millennials will likely lead the pack in holiday spending, with 28 percent of the age bracket willing to open their wallet more than usual.
“A lot of this stems from the fact that they give very high marks to their feelings of job security,” said Greg McBride with the website. “Many of them have the skills employers crave in this environment.”
But don’t hope for that extravagant present too much. McBride said young adults are still aware there’s a tough economy out there.
“Even among Millennials, more than 70 percent are going to hold the line on holiday spending,” he said.
Overall, about 16 percent of Americans said they will spend more over the holiday season.
KTAR’s Jeremy Foster contributed to this report.