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Millennials vs Baby Boomers: why US consumption growth will remain stubbornly low


Millennials vs Baby Boomers: why US consumption growth will remain stubbornly low

Report summary

To understand the US consumer you must understand US demographics. Two generations dominate US population – the ‘Baby Boomers’ and the 'Millennials'. How these generations choose to live and spend will ultimately determine the pace of US consumption growth, and thus GDP growth to 2035. Using survey data and demographic forecasts this Insight explains why US consumption growth peaked in 1999, and perhaps more importantly explains why consumption growth is now close to half that rate. Given the demographic profile of the US, consumption growth is expected to remain subdued, held back by the reduced spend of the Baby Boomers as they retire. Given the change in spending behaviour of the Millennial generation - largely down to increased indebtedness - Millennials will fail to offset this decline. The US is headed for a sustained period of weak consumption growth. 

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  • US demographics Millennials vs Baby Boomers.pdf PDF - 1.66 MB

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This Macroeconomics and Global Trends Insight report presents our research on this key topic, and draws out the implications for economies and commodity markets.

This report delivers a clear understanding of our unique global economic outlook and identify risks and uncertainties to watch out for.

Wood Mackenzie's global trends and macroeconomic analysis underpins all our commodity demand analysis, ensuring we continually deliver an integrated and consistent view.

Our comprehensive understanding of commodity markets gives us a unique insight into the pace of global development and the risks associated with it.

  • Millennials vs Baby Boomers: why US consumption growth will remain stubbornly low
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