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.
September 21, 2024
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