Gen Xers had the highest average income before taxes last year, of roughly $95k, according to the latest annual Consumer Expenditure Survey from the Bureau of Labor Statistics, and they averaged the most spending, too. But how do different generations apportion their spending? Let’s take a look at a few key areas.
When it comes to food – which includes food both at home and away from home – it’s Millennials (born 1981 and later) who dedicate the largest share of their expenditures.
There aren’t large differences among generations, but Millennials allocate 13.5% of their expenditures to food, compared to 12.9% for adults overall.
Who spends the most drinking? The variances among generations are mostly minor, but it’s Millennials leading the way again, devoting 1% of their annual expenditures to alcoholic beverages (versus 0.9% for the population average).
Gen Xers are tops in dollar spend on alcohol, at an average of $633 per year, ahead of Baby Boomers ($595) and Millennials ($521). Read the rest at Marketing Charts.