Why are boomers spending more than other generations?
Jun 13, 2023, 11:41 AM | Updated: Jul 27, 2023, 12:10 pm
In a report from CNN, there is a significant gap in spending between generations. Baby Boomers — those born between 1946 and 1964 — are currently the only generation spending more as the economy is impacted by inflation.
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Consumer spending has increased by 2.2% for Baby Boomers. In contrast, spending fell by about 1.5% for younger generations.
Micki Gomez joined Seattle’s Morning News to discuss why the Boomer generation spends so much more than any other generation.
“Boomers don’t have to pay college tuition, they don’t have to pay back student loans, most of their homes are already paid off, and if they want to buy a new house to downsize, they can just sell their big home and buy a starter home,” Gamez said. “Which is what millennials and older Gen Z are trying to buy, which is driving up the cost.”
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