SHOPPING BEHAVIOR ON NEEDS BETWEEN GENERATIONS

Generation X (1930 - 1980) is the most likely age group to impulse buy. Older Americans making most of the impulse purchases are settled in their careers, often have older or adult children with fewer financial needs, and likely have fewer large savings goals. This may be why they feel more comfortable making impulse purchases and even breaking their budget.

Millennials (1984 - 1994) are the least likely to make impulse purchases, and younger generations as a whole tend to overspend less often. This may be because younger generations are likely to have less disposable income. Often, the disposable income they do have contributes to financial goals, like caring for their family or buying a home.

$548.1 $357 $322.5 biliion annually spend by Baby Boomers biliion annually spend by Gen X biliion annually spend by Millennials

How confident of each generations feel in their ability of achieving their finacial goals

81% 65% 54% of a majority of Millennials feel secure in how they spend their money of a majority of Gen X feel secure in how they spend their money of a majority of Baby Boomers feel secure in how they spend their money

Overall, Millennials spending habits seem to reflect the generation’s priorities: convenience, a focus on experience rather than things, and a delayed start when it comes to homeownership and starting a family.

Source: Charles Schwab’s Modern Wealth Index