Experts have also noticed a lag in homeownership among the millennial generation – about 8 percentage points lower than Baby Boomers of members of Generation X. By continuing to use our website, you are agreeing to our use of cookies. The variances among generations are mostly minor, but it’s Millennials leading the way again, devoting 1% of their annual expenditures to alcoholic beverages (versus 0.9% for the population average).Gen Xers are tops in dollar spend on alcohol, at an average of $633 per year, ahead of Baby Boomers ($595) and Millennials ($521).The housing category includes shelter (owned dwellings, in turn including mortgages, taxes, insurance and other expenses), rented dwellings, other lodging, utilities, household operations, household supplies, and household furnishings and equipment.In terms of the overall category, housing hogs the biggest budgets for the Greatest Generation, born earlier than 1927. The Schwab study mentioned above also found that regardless of some of their spending shortfalls, a majority of millennials feel secure in how they spend their money. However, as a result of their large incomes and expenditures, it’s Gen Xers who spe… And it’s clearCheck this box to agree to receiving communications from our Sponsors, where applicable, as per our We use cookies to ensure that we give you the best experience on our website. Read on to find out how millennials’ spending habits compare to other generations, from how much they spend on housing to dining out to buying clothing, even who’s more likely to spring for that fancy coffee (though I think you know the answer to that last one).

General Millennial Facts. The biggest spenders in dollar terms are again Gen Xers ($23,721 annually) as a result of their higher income and spend.Looking at some housing sub-categories, we can see that:Are Millennials big spenders on clothing and footwear? Eating at a popular restaurant is another habit of millennials, with 79% polled saying they would spend money on doing so, compared to 66% in Generation X and 56% of Boomers. It’s factual. For example, more than a third of millennials have a financial plan, compared to 21% of Generation X’ers and 18% of Baby Boomers. This generation differs greatly from all previous cohorts in saving, spending and overall money management habits. Millennials are also more likely to create their financial plan with the help of a Spend share is highest for Millennials, who devote 6.3% of their expenditures to food away from home. Millennials are also more likely than the previous generations to spring for extras, such as taxis, Uber rides, or a new electronic gadget. When it comes to food – which includes food both at home and away from home – it’s Millennials (born 1981 and later) who dedicate the largest share of their expenditures. It’s also difficult to observe the spending habits of millennials without considering outside factors such as rising student loan debt, lower salaries, even the gig economy.

; Today's teenagers, called Gen Z, are more frugal about their spending than their Gen X parents. And Gen Z’s parents are paying for their desires; 93% of parents say their children influence family spending and household purchases. By comparison, Millennials spend a far smaller share of their expenditures (5.8%) on healthcare, and the smallest amount of any generation ($2,894).This category encompasses the following sub-categories: Fees & admissions; Audio and visual equipment and services; Pets, toys, hobbies and playground equipment; and Other entertainment supplies and services.Gen Xers are the largest spenders on entertainment, allocating 5.8% of their spending, or $4,194 annually. Of course, this was due to their income and spending being smaller, as Gen Xers spent far more on average for vehicle purchases ($5,165) than Millennials ($3,825).Here’s one area where Millennials aren’t the heaviest spenders. A recent survey found that 68% of those millennial homebuyers surveyed had buyers remorse, due to overspending on a down payment, underestimating maintenance costs, or settling for a home that wasn’t exactly what they wanted. Regarding homeownership, just 37% of millennials between the ages of 25-34 own homes, compared to 45% of Baby Boomers at this age. This really depends on whether you rent or own.

With different spending habits, lifestyles, incomes and so forth, marketing tactics to reach consumers in different brackets will vary. kikovic / Shutterstock Generation X (Gen X) and Generation Z (Gen Z) are often overlooked when comparing generational financial trends. Spending Trends By Generation - 12/27/2017 This generation, defined by the Bureau of Labor Statistics as people born in 1927 or earlier, heads fewer than 2% of the nation's households. These adults allocate a staggering 48.3% share of their annual spending to housing.Next on the list are Millennials, who devote more than one-third (35.7%) of their expenditure to housing. Gen Xers splurge here, spending 1.6% of their expenditures, far above Millennials and Baby Boomers, at 1.1% each. These factors, as well as millennials’ spending habits, definitely play a role in the financial health—and future—of this infamous generation. A quick refresher: millennials are roughly defined as those born between 1981-1996, and are the largest living generation. About 75% of Gen Z and millennials use smartphones to shop online—more than any other generation. For example, 81% of millennials felt confident in their ability to achieve their financial goals, compared to 65% of Generation X and 54% of Baby Boomers. Baby Boomers ($3,245) and Millennials ($3,223) are virtually tied.If you’re keeping count, that means that Gen Xers spend an average of around $350 per month on food away from home, compared to around $270 for Millennials and Baby Boomers.Who spends the most drinking? Generation Z consists of those born after 1997.The eldest members of this cohort are in their early 20s, graduating college and entering the workforce. Baby Boomers are the next-largest spenders, at 5.4% of expenditures and $3,425 on average.The gap between Gen Xers and others is particularly acute for the Fees and admissions subcategory.

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