Forty-five percent of Americans are spending more today than they were a year ago, while 18% say they are spending less. The percentage of people who say they are spending more is relatively stable across several demographic categories.
Millennials are among the groups most likely to say they have increased their spending. Members of Generation X are least likely to say they are spending more.
Among the generations, millennials (the youngest Americans) are more likely than traditionalists (the oldest Americans) to report spending more this year than the previous year on rent or mortgage (39% for millennials vs. 24% for traditionalists), leisure activities (38% vs 21%), and clothing (31% vs. 16%). The spending of the other generational groups fall midway between these two.
Despite a majority of baby boomers saying they are less willing to spend this year in general, they are spending well more than they did a year ago compared with millennials on household essentials such as utilities (53% for baby boomers vs. 37% for millennials), healthcare (50% vs. 37%), home maintenance (39% vs. 23%), and household goods (37% vs. 26%). Again, the other generational groups fall between these two.
The generations also differ in the ways they try — or fail — to cut expenses. Not surprisingly, members of Gen X and millennials are both significantly more likely than the older generations to go online to compare prices (70% for members of Gen X and millennials). Baby boomers, meanwhile, are much more likely than other generations to say they shop at more than one store for similar items to get the best deals (24%), whiletraditionalists are much less likely than any of the others to purchase more at the store than they intend to (44%), to go shopping for fun (19%), and to make an impulse purchase (26%).
The data also suggests that millennials are more freewheeling and impulsive in their shopping behavior.
Significantly fewer millennials strongly disagree with the statement, “When I get some money, I spend it right away” (42%) than any of the other generations.
Furthermore, fewer millennials strongly agree with the statement “I only shop for exactly what I need” (21%), compared with the other generations.