U.S. Consumer Spending Is Growing Fastest Among Older Adults

Older adults are spending more in 2023 than younger generations, and spending growth increased more for older adults. Overall, seniors aged 65 years and older have increased spending by 5% to 10%, while those aged 59 through 77 years have increased spending by 3% to 7%. In comparison, adults younger than 59 years have effectively decreased spending, especially during 2023. Individuals who are of retirement age and above are much more likely to rate the state of their current finances as "excellent" or "good", although this age group is more pessimistic than younger generations.

An analysis of spending trends by . . .