From Home Furnishing Business
Fast Fact: Millennials Up to 21.4% of Consumer Spending in 2017
In recent years, consumer spending among the five adult generations has shifted as Millennials continue to gain a greater share, according to data from the U.S. Bureau of Labor Statistics’ 2017 Consumer Expenditure Survey.
In 2017 Baby Boomers still had the highest number of households, representing 34.4 percent of consumer units compared to 26.8 percent for Generation X, and 25.1 percent for Millennials.
Millennials are inching closer to Generation X in consumer units, but the percent of all consumer spending is still over 10 percentage points higher for Gen Xers and almost 15 points higher for Baby Boomers. After years of Baby Boomers controlling the majority of furniture and bedding spending, the market has now spread to Generation X and Millennials, who combined account for 56.9 percent in 2017.
For a closer look at the data, click here.