GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
According to a recentCapital One Shoppingstudy, millennials dominate intotal spendingbut are deliberate about where their dollars go.
Gen Z shops more often but with smaller budgets.
Theyre the big spenders on lifes big-ticket items.
The breakdown across these three groups shows not just who spends the most, but alsowhere the money goes.
Millennials Lead the Pack, But Not by Much
Millennials (born 1981-1996) are spending big.
Total consumer expenditures for Gen Z are far lower, clocking in 55.9% less than millennials.
For example, when it comes to holidays, Gen Zs gift budget was 50.4% smaller than millennials.
They allocate 7.62% more of their income to general entertainment and 35.7% more to vehicle purchases.
What Drives These Spending Habits?
Each generations spending habits reflect broader life circumstances and priorities.
Their tendency to spend on experiences, brand loyalty andsocial media-driven purchasesis notable.
In fact, millennials are more likely than older generations to buy directly through a social media platform.
Gen X, by contrast, has had more time to accumulate wealth and assets.
As a result, theyre more willing to invest in long-term items like vehicles andlarger home improvements.
They also prioritize stability in their consumer habits, often investing in quality goods and services.
Gen Z, meanwhile, is carving out its own spending style.
With tighter budgets, they shop smart and often, focusing on value and stretching every dollar.
More From GOBankingRates
Share This Article:
