Millennials and adult Gen Z now make up about 32% of consumer spend, which is an 8-point increase from 2020, reported research firm Numerator. Baby boomers have seen a nearly 10-point drop in the same timeframe.

“As the generational mix of spending power evolves, so do the expectations that shape how and where consumers engage,” Numerator said.

Some of the key findings from Numerator’s research include:

• Gen X and Boomers lead the way in CPG, general merchandise and quick-service restaurant (QSR) spending: “Gen X households spent the most of any generation in the U.S., accounting for 34.1% of U.S. CPG, general merchandise and QSR spend (rolling 12 months by year ending June 30, 2025). Boomers, the largest generation in terms of households, hold 33.7% share of total spend and Millennials hold 26.1% share.”
• Walmart, Amazon and Costco are the top retailers based on share of spend for the total U.S., but Gen Z shops differently: “Target is Gen Z’s third favorite retailer, gaining twice as much Gen Z share compared to the total U.S. (6% vs. 3%). Target does not make the top 10 list for Boomers.”
• Nearly half of Gen Z shoppers made purchases on social media platforms in the last month: “Forty four percent of Gen Z shoppers have made purchases on social media platforms like TikTok, Instagram, Pinterest, YouTube or Facebook in the last month. They are 82% more likely than the average consumer to say social media and digital advertising influence their purchasing decisions.”
• Baby Boomers are spending time and money aging in a clean and healthy manner: “Eighty percent of Boomers say that ‘clean living’ is important, the highest of any generation. More than half (53%) review nutrition labels, 51% review product labels, 43% avoid certain ingredients (e.g., palm oil, high fructose corn syrup) and 25% avoid buying aerosol products—all at significantly higher rates than the other generations.”