Boomer Spending Habits (1989):
Higher spending on:
Alcohol
Tobacco
Beef & pork
Homeownership
Millennial Spending Habits (2022):
Higher spending on:
Fresh fruits & vegetables
Nonalcoholic beverages
Healthcare
Factors Driving the Shift:
Health Consciousness: Millennials prioritize healthier food choices and are more likely to avoid excessive alcohol and tobacco use.
Rising Costs: Healthcare costs have become significantly more expensive over time.
Lifestyle Differences: Millennials may value experiences, travel, or technology over traditional investments like homeownership to the same extent as previous generations.
Key Takeaways:
Generational spending habits evolve with changing priorities and economic realities.
Millennials demonstrate a greater focus on wellness and a potential shift away from some traditional investments that boomers prioritized.
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