Despite inflation staying steady at around 3.7 percent, consumer spending was on an uptick during the summer.
Millennials and Gen Z Americans are spending far more than Baby Boomers even as inflation remains high, a new McKinsey report found.Ultimately, American customers are seeing a slight decline in inflation, which is likely driving the increased spending.But younger generations were more likely to spend more of their money. Gen Z and Millennials across all income groups had the highest intent to splurge, at 55 percent and 54 percent, McKinsey said.
At the top, out-of-home entertainment and cosmetic stores reflected a 12 percent and 13 percent increase, McKinsey reported. Travel was also surging, with an 11 percent increase year over year.Spending Trends Across The AgesAs generations of people who grew up during different time periods, Gen Z and Millennials tend to have far different viewpoints around money than their Baby Boomer elders.
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