Gen Y consumers are defined as being born between 1978 and 1989, (ages 18-29), Gen X 1965 to 1977 (ages 30-42, Boomers 1946 to 1964 (ages 43-61) and the Silent/GI Generation 1900 to 1945 (ages 62 and over).

According to a Maritz survey of 993 Gen X and Gen Y consumers, buying behaviors vary by generation. Gen X on average plans to spend the most money on holiday shopping at $778, while Gen Y will spend the least at $549. Boomers and the Silent Generation will each spend on average roughly $600.

Gen Y consumers are defined as being born between 1978 and 1989, (ages 18-29), Gen X 1965 to 1977 (ages 30-42, Boomers 1946 to 1964 (ages 43-61) and the Silent/GI Generation 1900 to 1945 (ages 62 and over).

Also, retailers can expect Gen X's holiday spend to occur early in the season, with the group saying on average they will do more than 45 percent of their shopping,  more than any other generation, on Black Friday. The Silent Generation will only do 38 percent of their shopping the day after Thanksgiving, which is less than any other generation.

When it comes to Cyber Monday, Gen X (30 percent) and Gen Y (24 percent) are significantly more likely to shop than any other generational group.

"Although retailers are bracing for tightened wallets this holiday season, because Gen X is planning to spend more than other generations, and the fact that Gen Y is typically a prime target because of their affinity for fashion and impulse buying, both big box stores and Macy's should be pleased to be topping their lists," said Gloria Park Bartolone, vice president of Maritz Research Retail Group. "Nevertheless, other mall-based stores have not fallen out of Gen Y's favor and need to do everything they can -- from the right assortments to competitive pricing -- to capture their share of wallet."