This month, Jason Weaver discusses the U.S. age demographics, spending and baby boomers.
US AGE DEMOGRAPHICS
Millennials & Gen Z generations now account for the largest share of the US population
As Baby Boomers continue to retire, Millennials will be entering their prime earnings years and Gen Z continue entering the work force.
Our working population is important to monitor as the US is a consumer driven economy
Consumer spending accounts for about 2/3 of US GDP
Spending habits vary significantly between generations
Healthcare accounts for approx. 16% of the silent generations spend and only 3% of Gen Z’s spend
Education accounts for less than 1% of the silent generations spend, but 5% of Gen Z’s spend
Boomers remain economically and politically influential because of their large numbers and the relative prosperity of the U.S. economy during their careers
Boomers have the most assets of all the generations
Gen X & Millennials are expected to get large inheritances from Boomer, but due to increasing life expectancies and rising costs those inheritances may be less than expected.