Visa USA Generational Spending Study
Visa USA has announced results of a study of generational spending preferences that it says "debunks stereotypes and highlights the impact and consequences of one generation passing the mantle of economic influence to the next."
According to the study, "an overwhelming majority of both Baby Boomers (79 percent) and Echo Boomers (74 percent) believe that our society will one day operate without cash and checks and will conduct all payment transactions electronically."
Visa USA estimates by the year 2015, Echo Boomers and Baby Boomers will account for more than 50 percent of total consumer spending, $2.45 trillion and $4.6 trillion respectively. Currently, industry estimates show that Echo Boomers are responsible for $0.4 trillion in annual spending compared to $3.8 trillion by Baby Boomers.
"These two generations are the powerhouses of U.S. consumer spending," said Wayne Best, Visa's chief economist. "The shift in economic power from the Baby Boomer generation to the Echo Boomer generation will have significant implications across all retail categories. While Baby Boomers will remain a force even into their golden years, the rate at which Echo Boomer's spending will increase is a testament to their future economic impact."
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