Baby boomer parents' spending influences Gen Z, millennials to spend five times more.

Baby boomer parents are significantly influencing consumer spending among Gen Z and millennials, as noted by Meredith Whitney. Despite some warnings of weak demand from discount retailers, younger generations are spending five times more than boomers. High-income households continue to invest in essentials and discretionary items, allowing younger cohorts to drive discretionary spending in the U.S. This trend raises questions about the overall economic outlook.