Meet the DINKWADs, HENRYs and Elder Millennials Spending Their Own Way
By PYMNTS
AI summary of the source article
Different consumer demographics are reshaping spending patterns across various lifestyle priorities. According to Bank of America, older millennials spend the most per customer on hobbies despite having the least leisure time, with overall hobby spending rising 7.9% year-over-year in August. Meanwhile, dual-income, no-kid households in the U.S. grew to 12% in 2023, with many dog owners making major vehicle and travel purchases based on pets. Additionally, a Chubb survey revealed that high earners who are not rich yet (HENRYs) actively collect jewelry and art, with 47% insuring these items. For financial firms, identifying customer priorities offers deeper insight than basic generational categories.
Why it matters
For banks, merchants, and payment providers, tracking what customers actively support—such as pets, hobbies, or collections—offers better financial insights than relying solely on birth years.
Key facts
- Bank of America found older millennials spend more per customer on hobbies than any other generation despite having the least leisure time.
- Pew Research reported that 12% of married U.S. couples with a spouse in their 30s or 40s had two incomes and no kids in 2023, up from 8% a decade earlier.
- A Chubb survey of 1,000 HENRY collectors found 64% owned watches or jewelry, and 47% had insured their collections.