GbBIS maintains an extensive collection of demographic data. These data include age, income, population size, and product consumption statistics for any area in the US. Businesses use demographics like these to assess their markets, find where their industry will be the most successful, and target direct mail. Today, we share some important demographic data with you: how Baby Boomers, Generation X-ers, and Millennials spent their money.
Millennials are being described as a second generation of Baby Boomers, and rightly so. The Baby Boomer generation produced 81 million consumers, while the Millennial generation produced 85 million according to the 2012 Census. The Generation X-ers, by comparison, clocked in at only 41 million.
The table below (from the Bureau of Labor Statistics) shows how all or part of the three generations occupied the 25 to 34 age cohort for the last three Census counts.
In the age bracket of 25-34, there really were much fewer Gen X-ers by about 3.3 million consumers. But there were also about 2.1 million fewer Early Millennials ages 25 to 34 in 2010 as there were Late Baby Boomers that age twenty years earlier. What also becomes striking is where these different generations spent their money. While total spending seemed to vary little between generations, spending on items like home furnishing and transportation had an average difference of roughly $20 between generations.
Businesses use data like this to help them find what products and services their targeted age group is more likely to buy. If a business caters to the Baby Boomer generation, they should reconsider including apparel in their product selection, since Baby Boomers spent much less on apparel. Trends like these allow businesses to make informed decisions.
GbBIS offers the most accurate demographic data in the format appropriate for your business. We can provide you with demographic maps to help you identify new markets. Our web applications display demographic data and can help you target neighborhoods for direct mail. GbBIS business reports give you population and consumer statistics to help you make better business decisions.
Contact GbBIS today and discover how our demographic data helps connect you to your customers
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