From Home Furnishing Business
Fast Fact: Big Ticket Spending, Key Consumer Items by Generation
Data from the annual Consumer Expenditure Survey from the Bureau of Labor Statistics show that age and generation play a major part in consumer spending.
At 22 percent, Millennials spend the highest share of expenditures on Housing (rent or mortgage). Vehicle purchases, eating out, cell phones, and education help to absorb remaining income.
Not surprisingly, healthcare is a major expense for Baby Boomers (9 percent), while Gen X spends more money on apparel, entertainment, and mortgage interest.
Although the majority of furniture sales come from Baby Boomers and Gen Xers, Millennials spend a higher percentage (0.9 percent) of income on furniture.
For a detailed look at the numbers and all the key consumer items, click here.