Is U.S. in a 'youth-cession'? Consumers over age 60 are propping up the economy
Consumer households from their 20s to their 50s are now spending sharply less on their credit and debit cards than they were a year ago reports Bank of America, after crunching the numbers on its customers.
There is “a significant difference in the spending growth rates for older and younger generations,” Bank of America says of its internal data. The oldest generation—the “traditionalists,” or “the silent generation”—spent 5% more on their cards in the last month than they did during the same period a year ago.For boomers, spending rose too, but only some 2%.
As dollars themselves are now worth about 4% less than last year, thanks to inflation, this means that spending in real terms is down across all groups except those in the “traditionalist” or “silent” generation. Bank of America points out that a big factor in the recent spending patterns is Social Security, which this year got its biggest year-over-year cost of living adjustment in decades. Monthly checks jumped 8.7%, following last year’s surge in inflation.
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