We thought it might be beneficial to analyze which generation spends the largest share of their spending and which generation* spends the most per household member at different community leisure venues (CLVs). Here are the results for spending in 2016.
Millennials are the biggest spenders for food and drink in local restaurants in terms of share of all their spending. They devote 5.7% of all their spending to restaurants. However, in terms of dollar spending per person, Baby Boomers are the highest, spending 125% of what Millennials spend per household member. 2nd in dollar spending is Gen-X and 3rd is the Greatest Generation. Millennials only come in 4th.
In terms of share of each generations spending for entertainment in their local community, Gen-X spends the largest share followed very closely by Millennials. In dollars per person, Baby Boomers spend the most, Gen-X is 2nd, The Greatest Generation is 3rd and Millennials come in 4th.
Baby Boomers devote the largest percentage of their spending to local sporting events, followed by Gen-X, then the Greatest Generation and then Millennials. As a percent of all spending, Millennials only spend about half that of Baby Boomers. Baby Boomers are also the winners in dollar spending per household member. Millennials come in 4th at only one-third as much as Baby Boomers.
Although many of the newer CLV models target Millennials, Gen-X and Baby Boomers are bigger spenders on entertainment, sporting events and food and drink, more per person than Millennials. As the younger adult market slowly decreases as a percentage of the population, it will be wise for CLVs to evolve concepts to attract the older adult market as well.
* Generation age ranges in 2016 used in the above analysis: