Generational Differences in Spending.

All events that occurred in the world made people that survived in each particular period special. That made every generation unique. They have different styles and behaviors. This graph describes generational differences in terms of spending.

First, a huge decrease occurred in the domain of general and miscellaneous . The Millennials seem to not be really into it with a spending percentage of 17,7%, contrary to the Traditionalists and Baby Boomers for whom this area represents around 22,5% of their spendings. These domains refer to spendings that are not specific (random, everyday things) and the difference is explained by the lack of money the Millennials have. In fact, many studies have concluded that the Millennials are poorer.

Second, in terms of pharmacies, the Traditionalists are taking the lead with 6,4% of their spendings. This area  dropped progressively with the Baby Boomers and Generation X until it reached 2,9% of their spendings. However, it started rising back with the millennials. This is due to aging. Given their advanced age,  Traditionalists are spending more money on pharmaceuticals.

Finally, there was a shrink in spending in the furniture and building field. It decreased from 10% with the Baby Boomers to 4,5% with the Millenials which is scant compared to what the Baby Boomers are spending on it. That is triggered by the mentality. The Traditionalists and Baby Boomers tend to invest their money in buildings; however, the Millennials don’t think inthe same way as they rather enjoy their lives and live the moment with the money they earned.

The changes in the spending from one generation to another really surprised me. And I really wonder if the coming generations will change the game’s rules.