14 Ways Boomers and Gen X Spend Money On That (Most) Millennials and Gen Z Don’t
Boomers control the largest portion of US wealth and lead different lifestyles than younger generations. Despite being attacked over matcha lattes and avocado toasts, most Millenials and Gen Z live frugally compared to Boomers. Here is what Boomers spend their money on, which most Millennials and Gen Z see as wasteful.
Lottery tickets
Nearly half of US adults buy lottery tickets. Unsurprisingly, the vast majority, or over 61 percent, of lottery ticket buyers were older generations. Millennials and Gen Z were responsible for the rest, a Gallup poll confirmed. The boomer generation is also more to splurge on in casinos.
Cruises
Most Boomers are retirees, so they have time for their favorite activity – going on cruises. Nine months is an ideal trip length for Boomers, though not all can afford it. The chosen destinations are usually Australia, New Zealand, and Canada. Iceland and the Caribbean are also high on the list of demands, and as expected, younger generations can’t even think about it because of the costs.
Fancy home appliances
Boomers were raised and spent most of their lives in financial abundance. That’s obvious when you compare their shopping habits to those of younger generations. For example, a millennial will buy a $20 espresso machine, but a Boomer will invest hundreds, and that’s just one item. There are also breadmakers, food processors, and even posh dishes.
Larger homes
2022 Redfin data showed that Boomers own over 28% of US homes with three or more bedrooms, compared to 14% owned by millennials with children. Boomers love large houses and don’t mind paying maintenance for them. They have no intention of giving them up just because their children moved out a long time ago.
Impulvise in-store shopping
Boomers shop online, but they like to visit shops, perhaps to recall the good old days, and it often leads to more impulsive buys. Gen Z also shops in stores, though mostly in vintage and second-hand ones, while millennials choose to buy everything online. For many Boomers, going to shops is an experience, while for millennials, it is a nightmare.
Landlines
It is likely that the younger generations have no idea what landlines are, but for many Boomers, they are a necessity. According to the CDC, almost half of Boomers have landlines, compared to only 15 percent of millennials. Over 2/3 of Boomers own smartphones but do not want to give up landlines.
Cable TV
Most Boomers still pay for cable TV, which can be $60 to $80 monthly. Meanwhile, younger generations use streaming services, which can be pricey, but most Millennials and Gen Z choose the cheapest options, so they pay up to $20 per month. Additionally, Boomers also pay for streaming services, though less often than younger generations.
Golf gear
Once upon a time, business deals were made on golf courses, so many Boomers developed a habit of golfing and couldn’t wait for their retirement days to devote more time to this hobby. Gen X also makes up a good portion of golf players, and 75 percent of golfers are men over 45. The gear and club memberships are often too expensive for younger generations.
Newspapers and magazines
Statista reported that boomers are still into print media, so much so that around 45 percent still have magazine subscriptions. Younger generations get their information for free on the Internet, while Boomers spend up to $30 per month on a habit they adopted long ago. Like in-store shopping, it is an experience.
Electricity
Millennials and Gen Z are more conscious of their electricity spending. This could be due to smaller homes or a lack of luxuries like pools and hot tubs. Regardless, Boomers, on average, spend around $500 more on electricity every year compared to younger adults.
Greeting and postcards
Boomers use physical cards for the same reasons they like to read papers in print or go to the bank instead of paying for everything online. Writing a greeting card is more personal than sending an emoji-filled text, but it comes with a cost. One card costs up to $6, and this habit can be costly during the holiday season.
Disposable products
Millennials killed napkins, or as The Washington Post reported, they use paper towels when they need paper napkins. Younger generations also reject plastic water bottles, straws, and shopping bags, but Boomers are still loyal to disposable products, likely because old habits die hard.
Motorcycles
In the mid-80s, the average motorcycle rider was 27 years old. Today, the American Motorcyclist Association reported that the average rider is around 48. The average age of a Harley-Davidson motorcycle owner is over 50. While these people belong to Gen X more than Boomers, it is clear that younger generations are less interested in motorcycles than previous generations.
Home renovation projects
Baby boomers comprise the largest group of renovating homeowners, followed by Gen Xers. In 2023, 56 percent of homeowners who renovated their homes were from the Boomers. There are several reasons: more time and money and the need to feel useful. Only 9 percent of millennials were involved in home renovation projects last year.
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