The generation gap is more than just a difference in age. People of different generations spend their money distinctly. In this article, you’ll find 17 things boomers spend money on that Gen Z won’t.
Newspapers
Many boomers still value traditional media such as newspapers. They have always spent money on newspapers and aren’t afraid to do so now. Most Gen Z have never spent money on a newspaper and will get most of the information they need for free online.
Cable TV
Boomers like cable TV subscriptions because they understand them and have been using them for decades. Most of Gen Z, however, have moved on from cable TV subscriptions. Streaming services are more popular among this generation because there’s more choice. According to Forbes, “There are more than 200 streaming services available worldwide.”
New Cars
Boomers have been saving money their whole lives. They are now in a position economically to afford new cars. Most Gen Z, however, can’t afford brand-new cars. They’d prefer to spend less on a car and when they do buy one, they will choose an economical model.
Housing
Boomers see the importance of owning property and most of them, by this age, will have been paying a mortgage for many decades. Gen Z, however, is not yet thinking about owning property. Most of them are renting, house-sharing, or still living with their parents.
Paper Books
The statistics from WordsRated show that “in 2022, over 788.7 million copies of printed books were sold in the United States.” Boomers like to spend money on paper books. Most of Gen Z, however, would rather spend their money on an audiobook or a digital book.
Live Theater
Many boomers like to spend their money on special evenings out, such as at the theater. But live theater tickets are expensive, and Gen Z is less likely to do this. They are more likely to spend their money in a movie theater or entertain themselves in an entirely different way.
Opera
Boomers enjoy visiting the opera. Many of them appreciate classical music and like to visit the opera when something that appeals to them is shown. Gen Z, on the other hand, will not spend their money on opera tickets. They would rather visit a concert.
Gardening
Most boomers have already retired. As a result, they have time for rewarding pursuits such as gardening. Gardening does not appeal as much to Gen Z, and they would rather buy their groceries from the supermarket than wait for them to grow in a garden.
Health Care Plans
Boomers know that they have to spend money on a health care plan. Gen Z, however, doesn’t have to worry about health care just yet. According to HealthCare.gov, “Once you’re on a parent’s job-based plan, in most cases, you can stay on it until you turn 26.”
Golfing
Golfing definitely appeals to an older crowd. The majority of golfers are boomers who like to spend money on this sport and sign up for golf memberships. Gen Z will also spend money on sports, but they prefer fast-moving ones, such as football, baseball, and soccer.
Collecting Antiques
Some hobbies appeal more to boomers than Gen Z, and collecting antiques is one of them. Boomers like to go to auctions and look for hidden value in items. Gen Z is from a throw-away society that doesn’t see the value in holding onto things.
Cruises
A cruise is a type of vacation that appeals more to the older generation. Boomers like the relaxed atmosphere of a cruise. Since most boomers have already retired, they have more time for these long vacations, which can go on for weeks or even months.
DIY
Boomers love DIY projects. They like to make something from nothing and get joy from fixing things around the house. But Gen Z isn’t always so keen on DIY projects. They don’t have the experience to feel confident enough to do them or the time to complete them.
Package Vacations
Boomers are more likely to book a package vacation than Gen Z. They know that it’s more expensive to do it this way, but they like the security it gives them. Gen Z will look for a vacation deal online by comparing prices using travel apps.
Travel Insurance
Forbes says that the average cost of travel insurance for people over 60 is 8% of the total trip cost. Yes, boomers spend a lot of money on travel insurance. Most Gen Z, however, will risk it and go on vacation without taking out travel insurance.
High-Quality Furniture
Many boomers have pieces of furniture in their homes that they’ve had for decades. They like to spend their money on high-quality long-lasting furniture. Gen Z, however, is more likely to choose cheaper options, such as flat-packed furniture or even things they can get for free from family.
Pilates
Boomers like low-impact sports and spend their money on pilates classes. Most Gen Z, however, find low-impact sports boring and would rather attend a faster-moving sports class. Many would also opt for a virtual class or find a video tutorial to follow rather than leave the house.
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