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Drives consumer spending: Boomer households spend over $548 billion annually, more than any other age cohort, especially on travel, healthcare, and experience-based consumption.
Represents the most "spender" demographic with high liquidity but comparatively low savings rate (~$459 per person). They rely on asset liquidation and drawdowns of their investments to sustain consumption.
The Aging Population and Its Implications
Despite a slowing growth rate for overall spending (projected at about 1.7% annually), the effects are nuanced:
- Younger generations prioritize experiences and healthcare over physical possessions, shifting market trends.