"I see a lot of optimism going into the holiday season," said Charlie Wise, TransUnion's senior vice president and head of global research and consulting.
More from Personal Finance:Thanksgiving meals are expected to be cheaper in 2024How Trump's win could change your health careRemote work is helping Americans take longer trips"It's clear that millennials will play the largest role this holiday shopping season with the greatest expected spend," Wise said.
Holiday spending between Nov. 1 and Dec. 31 is forecast to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation.
Even as credit card debt tops $1.17 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared with last year, Deloitte's holiday retail survey found.
Meanwhile, 28% of holiday shoppers surveyed in September said they still had not paid off the gifts they purchased for their loved ones last year, according to a holiday spending report by NerdWallet, which polled more than 1,700 adults.
Persons:
TransUnion, Charlie Wise, TransUnion's, Wise
Organizations:
Finance, National Retail Federation, NerdWallet