When it comes to holiday spending projections this year, Millennials are in the lead, with an estimated 63% planning to spend the same or more compared to last year, according to a recent survey.

Their younger Gen Z counterparts, however, are showing more caution, with 71% cited as expressing concerns over inflation and its impact on holiday shopping.

Regardless of where you fall on the spectrum of spending hard or hardly spending, the National Retail Federation projects this year to be see record holiday spending of nearly $989 billion between November and December, even though credit card debt currently tops $1.17 trillion.

Gen Z shoppers are prioritizing clothing (62%) and gift cards (52%) for their purchases, while millennials are more likely to utilize “buy now, pay later services,” which experts predict will hit a single-day record of $993 million on Cyber Monday.