Millennials, Gen Z expected to spend more on holiday travel

Nearly half of U.S. consumers will travel this holiday season, according to a new survey by accounting firm PriceWaterhouseCoopers.

PwC’s annual holiday outlook finds, on average, millennials will spend about $75, up 12% from last year. Millennials are 28 to 43 years old.

Gen Z — which covers 17- to 27-year-olds — say they’ll spend more than $600, up more than 40% from last year.

Baby boomers, ages 60 to 78, will increase their travel budgets by 2%, and Gen X, ages 44 to 59, plans to cut travel by 20%.

While the majority of respondents cite rising travel, gas and hotel costs as concerns, the percentages are lower than last year. Domestic travel is most popular and 8% of those surveyed plan to celebrate the holidays abroad.