Insight of the Day: Less booze, more healthcare: Fascinating graphic shows how millennials spend compared to their boomer parents

Boomer Spending Habits (1989):

• Higher spending on:

• Alcohol

• Tobacco

• Beef & pork

• Homeownership

Millennial Spending Habits (2022):

• Higher spending on:

• Fresh fruits & vegetables

• Nonalcoholic beverages

• Healthcare

Factors Driving the Shift:

• Health Consciousness: Millennials prioritize healthier food choices and are more likely to avoid excessive alcohol and tobacco use.

• Rising Costs: Healthcare costs have become significantly more expensive over time.

• Lifestyle Differences: Millennials may value experiences, travel, or technology over traditional investments like homeownership to the same extent as previous generations.

Key Takeaways:

• Generational spending habits evolve with changing priorities and economic realities.

• Millennials demonstrate a greater focus on wellness and a potential shift away from some traditional investments that boomers prioritized.

Source: https://www.dailymail.co.uk/yourmoney/consumer/article-13396189/millennials-baby-boomers-spending-budgets-comparison.html