Generational Differences in Spending

The graph shows the difference in consumer spending between each generation. We can predict that the results are based on their generation and their different growth backgrounds. The graph also indicates that regardless of each generation, people spend about the same amount on groceries and eating outside.

From the graph, it is clear that millennials are spending a significant amount of their income on restaurants. In fact, the spend 23.8% on this. Perhaps it is because they have a strong preference for convenience. One of the key differences is that millennials are the most likely age group who doesn’t spend much on furniture, spending only 4.5 % of their income. Perhaps it is because they enjoy more time outside.

Secondly, compared to other generations, baby boomers focus more on their houses than other generations. Indeed, they spend 10 % on furniture/housing according to the graph. Many boomers are staying in their longtime homes and communities because they’re deferring retirement. I guess that is the reason why they invest more in their housing.

Lastly, Traditionalists focus more on groceries, spending 30.4% of their income on this item. Also, without a doubt, they are using more medical resources than other generations, spending 6.4% on this It is well known that because this generation is the oldest, they carry the burden of health risks.

The graph reflects the lifestyle of each generation. Based on restaurants and gasoline percentages, we can see that young people are more interested in outdoor activities. On the other hand, baby boomers and traditionalists prefer to stay home. In my opinion, I think everything looks reasonable. Furthermore, I was surprised that Millennials spend more on pharmacies than generation X. Probably, they are not paying much attention to their health.

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