Millennials account for 18% and Gen Xers 14%, per 2023 American Community Survey data cited in the report. Hispanic and Black people represent 22% and 18% of the low-income population, respectively, while whites account for 50%. Economic burdens have affected this group’s spending.
And millennials, who are increasing their travel spending more than any other demographic, are wealthier than Gen Xers and Boomers were at their age—which is also driving high-end travel. No more free upgrades: Delta is moving swiftly to capitalize on these trends.
Gen Xers know less about available financial products than millennials and boomers, and they feel unprepared for their futures. This could indicate a failure to target this demographic for products and educational resources. Plus, this generation feels the stress of being behind on their financial goals—while also shouldering the financial burden of supporting both their parents and children.