With many people in the U.S. getting a jump start on purchasing gifts for the winter holidays, Union Bank, a leading West Coast bank, revealed findings of a new survey to understand how people are spending their hard-earned cash this holiday season, including:
• 44 percent of Millennials admit to using money as an excuse not to travel home for the holidays.
• 1 in 5 Gen Zers plan to spend big bucks on mom and themselves, possibly adding up to over $500 spent on the two gifts.
• 4 in 10 respondents admit they feel pressure to spend on people they don’t want to, even more so for Millennials (56 percent).
• Pets are on par with grandma and grandpa on many holiday shopping lists this year; while grandparents prioritize their grand kids, with 96% planning to give them gifts.
• Relationships are lacking communication during the holidays, with half of those in relationships admitting they don’t agree with their significant other about how much to spend on each other.