Baby boomers hold 51% of all wealth in the United States totalling nearly $71 Trillion – Federal Reserve
“Out of all generations, boomers admit they are least likely to last one month without spending money on nonessentials,” Dara Luber, senior manager for retirement at TD Ameritrade, said via email.
When asked what would be a hard luxury to live without, vacations are the top choice, viewed as indispensable by 20 percent. An additional 14 percent wouldn’t want to live without coffee, and 13 percent say giving gifts to family and friends is essential. Ten percent couldn’t live without buying electronic gadgets.
Thirty percent of the boomers surveyed say their expenditures on nonessentials are influenced by family or friends, while 16 percent are motivated by boredom. Advertising (4 percent) and social media (2 percent) don’t seem to have much impact on boomers, but are more influential with millennials.
https://financebuzz.com/how-baby-boomers-spend-money
Baby Boomer Spending Habits
- Baby boomers spend an average of $63,325 each year. [SmartAsset]
- The average baby boomer saves $4,625 each year, at a savings rate of 6.8 percent. [SmartAsset]
- Baby boomers spend $11,159 annually on housing on average, which is less than Gen Xers and millennials. Even if their home is paid for, there’s insurance, maintenance, and taxes. [SmartAsset]
- Baby boomers account for about 38 percent of pet spending. [Pet Business Professor]
- Baby boomers increased spending on new clothes by 28 percent compared to before the pandemic. [Retail Dive]
- 59 percent of baby boomers are willing to pay extra for socially conscious, sustainable products. [Deloitte]
- 49 percent of baby boomers are interested in functional foods like probiotics and vitamins. [FONA]