Generational Spending Habits

Consumers are still cautious when it comes to how they spend their money. According to a recent Harris Poll, nearly two-thirds of U.S. Adults (63%) say they have purchased more generic brands in the past 6 months in an effort to save money, while an additional 12% say they have considered doing so.

The survey also finds that each generations saves money in different ways. For example, Gen Xers (age 34-45) are more likely to brown-bag lunch (56%) and cut back on going to hair salons (43%). Matures (65 and older) are more likely to cancel a magazine subscription (45%). Memebers of generation Y (age 18-33) are more likely to cancel their landline telephone and use only a cell phone (20%) and to carpool or use mass transit (26%).