consumer spending

Millennials: They’re Just Like Us?

Anne VanderMey, writing for Fortune, examines the spending habits of Millennials (25-to-34-year olds) compared to the spending habits of Boomers, when they were the same age.  She based her research on the Bureau of Labor Statistics Consumer Expenditure Survey.

Among the points that VanderMey presents:

-In 1985, the spending of young adults represented approximately 101% of their average earnings. Today, the total average expenditures of young adults represent 91% of their earnings.

-In 1985, Boomers spent 6% less than the average American on apparel.  Last year, Millennials spent 7% more than the average on apparel.

-Young adults in 1985 spent 58% more than the average American on rent.  Last year, Millennials spent 69% more than the average American on rent.

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