Graphic Shows What Each Generation Splurges On

Spending money is a deeply personal choice, but it can still signal values, needs, and priorities on a larger scale. The team at Qualtrics specifically examined what different generations spend extra money on. In the team’s data, we can see patterns that could show how much extra money different generations have to spend, what conveniences make an impact on them, and how cultural values drive their spending habits.

The team created two visuals; one shows the top three spending categories for Gen Z, Millennials, Gen X, and Boomers. Next, they listed 18 different spending categories and showed what percentage of each generation is likely to splurge on this category. The results are a fascinating generational study!

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The youngest adult generation, Gen Z, struggles with expenses like high-cost housing, student debt, and low wages for entry-level jobs. Gen Z probably has the least money to splurge, but they still find ways to buy treats. 37% of Gen Z said they are likely to splurge on bars and restaurants. This was one of the only spending categories that was unanimous among every generation. It seems everyone wants to skip cooking and enjoy a restaurant now and again.

Millennials, who are in their late twenties to early forties, are most likely to be parents who are balancing busy careers with family life. They’re most likely to splurge on dining out as well, but they’re also uniquely likely to splurge on groceries. This could be attributed to the cost of grocery deliveries through apps like Postmates. Millennials were the first generation to embrace grocery delivery apps, and it might be a helpful time-saving splurge for busy parents and professionals.

Gen X represents people at the far end of their careers and working lives. They’re at the perfect point to have some money to spend on rewards for their lives of hard work. Like every other generation, many said they’d splurge on dining out, but they’re also highly likely to splurge on travel. This makes sense since many members of Gen X are in good health to travel and don’t have the constraints of children to hold them back. They travel solo, with groups, family, or friends.

As for Baby Boomers, the oldest generation, most of them are retired now. Like Gen X, many say they’re likely to splurge on travel to see the places they’ve spent a lifetime dreaming of visiting. They have some splurging habits in common with younger generations, spending extra money on conveniences and necessities like groceries.

The team’s data reflects what different age groups find most important in life and indicates how much money they can use on a splurge. It’s telling that older generations splurge on travel, a high expense that younger generations likely can’t afford. There’s no doubt that we can draw many thought-provoking conclusions from the data we find on these graphics.