NEW YORK – Retailers shouldn’t put all their efforts into wooing Millennials, since they’re often broke, says a new study. They should instead go back to the well of Baby Boomer spenders, who still control the vast majority of consumer spending dollars.

This advice, which might seem contrary to anyone who has picked up a publication touting the importance of appealing to Millennials, is a key finding from a report by Forrester Research Inc. called “The Future of Shopping.” According to the analysis of income and demographic changes over the past 40 years, most consumer spending has shifted from those younger than 45, to those 45 and older, who have equity in their homes and bigger incomes.

“There’s this obsession with Millennials,” said Sucharita Mulpuru, the analyst who wrote the report, according to Bloomberg. “The truth is Millennials aren’t spending any money with anybody because they don’t have any.”

For more on the continuing importance of Boomers to the c-store industry – and how to get them into your stores and bring them back – read “Golden Age” in last October’s issue of NACS Magazine. According to research cited in the article, Baby Boomers frequent the convenience channel about twice as often as Millennials do, and they’re also known as loyal customers who aren’t obsessed with getting the lowest price.