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Gen Zers and baby boomers represent the largest shares of lower-income Americans, at 33% and 35%, respectively. 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鈥檚 spending.

Cornerstone Advisors鈥� report 鈥淭he Boomer-ang Effect: Financial Institutions鈥� $1 Billion Opportunity in Senior Financial Management鈥� found many young customers worry about their parents鈥� financial health, too. The September 2024 survey included 500 US consumers with a parent who鈥檚 at least 60 years old.

Larger percentages of millennials (74.1%) and Gen X (76.7%) said they increased their TikTok usage compared with Gen Z (66.4%) and baby boomers (54.8%). And less than 10% of all four generations said the change resulted in them using TikTok less. More social shoppers have purchased something because of Facebook than any other platform. Facebook Marketplace powers its huge advantage.

And millennials, who are increasing their travel spending more than any other demographic, are wealthier than Gen Xers and Boomers were at their age鈥攚hich 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鈥攚hile also shouldering the financial burden of supporting both their parents and children.

81% of Gen Z and millennial consumers have switched brands in the past year, according to December 2024 data from Salesforce.

This finding could prompt life insurance products and marketing strategies.

They鈥檙e already skeptical of big financial players and would rather keep their data under lock and key.

50% of Black consumers say they鈥檝e recently stopped shopping at companies with differing political views, the highest among racial demographics, generations, or political affiliations, according to a February Harris Poll cited by Axios.

When we asked US banking customers how they felt about their banks using AI to improve their banking experience, attitudes were mixed鈥攁nd often sharply divided along demographic lines.

Almost three-fourths (74.8%) of Gen Zers will be digital game players by 2027, according to our December 2024 forecast.

Millennials were born between 1981 and 1996; Gen Xers between 1965 and 1980; and baby boomers between 1946 and 1964. Gen Z has diverse interests but limited digital platforms to explore them. Gen Z is in a transformative stage. Around 36% of Gen Zers are between ages 12 and 17, according to the US Census Bureau. Those 18 and older are still finding their footing in adulthood.

Gen Z credit union members are 2.5 times more likely than baby boomers and seniors to say they鈥檒l switch FIs if their credit union doesn鈥檛 innovate, per a December 2023 PYMNTS Intelligence study. Innovation road maps should center on what Gen Z wants, such as Zelle and young adult debit cards. They鈥檙e also looking for innovation in credit card apps, budgeting tools, and QR codes.

GenAI and social are set to heavily influence the UK commerce and advertising landscape in 2025, while thrifty consumer behaviors persist and video viewing shifts to mostly digital.