Last year, Baby boomers’ average daily spending was $98. This year it’s $64, reports a new Gallup Poll.
Boomers, born between 1946 and 1964, are the largest generational group, making up 36 percent of U.S. adults.
Boomer spending habits have a greater effect on the economy because they’re the largest bloc of U.S. consumers. About two-thirds of the total gross domestic product comes from consumer spending.
Like boomers, daily spending also has reduced sharply from last year in other age groups:
- Greatest Generation, before 1930 – Down from $63 to $35
- Silent Generation, 1930-45 – Down from $84 to $50
- Generation X, 1965 to 1979 – Down from $110 to $71
- Millennials, 1980 to 1991 – Down from $92 to $61
