Consumer spending trends

strappedconsumersLimited funds can lead shoppers to create tighter budgets and make lasting lifestyle changes. During the shutdown in October 2013, 85.4% of Millennials, 82.1% of Gen Xers, 78.9% of Boomers, and 72% of Silents reported making at least one lifestyle or attitude adjustment in the previous six months.

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These adjustments may be in part due to a particular life stage of the consumer, such as adjusting to life after graduation, or preparing for retirement, in addition to reacting to current events.

These changes, whether due to the economy or
a life stage, can have a big impact on the choices consumers make. For example, during the month of the government shutdown, nearly half of Millennials reported they had recently focused on making more practical choices in their overall spending—which can lead to fewer impulse buys at the mall, or even fewer shopping trips altogether.

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More than two in five Boomers (41.5%) had a renewed focus on eating at home, which can mean more trips to the grocery store, but less visits to their neighborhood restaurants. Silents, however, with about a third (32%) reporting they had been focused on spending more time with their families, might be more likely to be shopping for items to bring to family game or movie nights

About richmeyer

Rich is a passionate marketer who is able to quickly understand what turns a prospect into a customer. He challenges the status quo and always asks "what can we do better"? He knows how to take analytics and turn them into opportunities and he is a great communicator.

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