Even though millennials are carrying large burdens of student loan debt, the relatively young generation is poised to be one of the driving forces in holiday spending this Christmas season.

According to a new survey by PwC, the majority of Americans are set to spend as much or more on holidays this season when compared with 2017. About 84 percent of consumers planned on spending at least $1,250 on various holiday-related expenses, most of which went toward travel and gifts.