See how your generation is shopping this holiday season: 4 trends to watch

Consumers defied expectations this Black Friday, driving a record $11.8 billion in sales online. The 9.1% increase in spending from last year, recorded by Adobe Analytics, came after warning signs that this holiday season would bring softening demand and budget-worried consumers. 

Still, Black Friday shopper data doesn’t tell the full story — and how people are spending and saving often depends on their age.

Chime, a mobile banking company, released its 2025 Holiday Spending Report, which is full of interesting insights into consumer habits by age.

Continue reading to see some of their main findings. 

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Instead of long wish lists, the majority of young shoppers just want cash.

Chime found that 65% of Gen Z and 61% of Millennials and Gen Xers prefer cash over gifts. The numbers are slightly lower for older Americans, with 48% of Baby Boomers and 43% of Silent Generation members preferring cash.

Meanwhile, the average American is hoping for $600 this holiday season, which seems like wishful thinking.

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Chime found that part of the reason people prefer cash is because they’re hoping to put some of their gift money toward bills.

“Nearly 6 in 10 say what they’re most hoping for is a little financial breathing room wrapped up in a big red bow,” Chime said. And the majority of people surveyed said they’d rather get help paying off their utilities and rent than a traditional gift. Another 44% said they’d prefer help paying off their credit card debt than getting a physical present.

More than four in ten people are nervous about their balances, and told Chime they check their bank accounts at least daily during the holidays.

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Despite people's concerns, Americans don’t plan to hold back much this holiday season. Chime predicts the average person will spend $1,120 on the holidays this year, with 39% going to kids and 24% to partners. And surprisingly, it’s younger people who plan to spend the most.

Here’s the planned spending by generation:

• Gen Z: $1,131
• Millennials: $1,369
• Gen X: $1,046
• Baby Boomers: $842
• Silent Generation: $938

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Every generation is planning on budgeting more after the holidays, Chime found. Just shy of half of Gen Z has already cut back on overall spending because of holiday costs, while 21% report struggling to afford the bills. The numbers look similar for millennials, 27% of whom say they are having a hard time paying all they owe.