Consumers are opening their wallets this holiday season. The National Retail Federation estimates that shoppers will spend in excess of $700 billion in November and December, up 4 percent from 2017. On average, shoppers are expected to spend just over $600 on holiday gifts.

At Branded, we were curious how our users are planning for the holiday season. Are they stick to a budget? Do they have a long shopping list? We conducted research to find out.

We first conducted a poll to ask our users if they have set a pre-planned budget for holiday spending on gifts, food and entertainment. Our poll was conducted on November 25, 2018 and 14,777 users responded.

Overall our research found that 51 percent of users have set a budget for their holiday spending.

Digging deeper into the results, we see that Millennials (age 22-38) are more likely than their older counterparts to say they have a set budget for their holiday spending. Approximately 56 percent of Millennials and 53 percent of Gen X (age 39-50) have a holiday spending budget compared to 47 percent of Baby Boomers (age 51-69) and 34 percent of the Silent Generation (age 70+).

Our poll also found that men are slightly more likely than women to say they have a holiday spending budget. Roughly 53 percent of men told us they set a budget compared to 50 percent of men. This distinction is even more pronounced among money-conscious Millennials. Approximately 63 percent of Millennial men have a set holiday budget compared to 52 percent of Millennial women.

In addition to spending, we also wanted to understand how many people are on our users’ holiday shopping lists. We conducted a poll to ask our users how many people they plan to purchase gifts for during the holiday season.  

In total, our poll found that about two-thirds of users are planning to purchase gifts for four or more people during the holiday season. About 18 percent of users told us they plan to buy gifts for 10 or more people during the holidays.

How many people do you plan to purchase gifts for this holiday season? 

Millennials, who are on a budget, are planning to buy gifts for fewer people than their older counterparts. About 15 percent of Millennials are planning to buy gifts for 10 or more people, compared to 21 percent of Gen X, 21 percent of Baby Boomers and 23 percent of the Silent Generation.

Women are much more likely than men to say they are buying gifts for many people. Approximately 23 percent of women say they are buying gifts for 10 or more people this holiday season, compared to just 11 percent of men. Even among Millennials, women are buying gifts for more people. About 20 percent of Millennial women say they are shopping for 10 or more people this holiday season compared to 8 percent of Millennial men.