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While 64 percent of Generation Z, 60 percent of Millennials, 58 percent of Generation X, and 63 percent of Baby Boomers reported reduced spending throughout the pandemic, Clutch’s latest research found spending decreases were found to have affected each generation differently. Millennials, the company said, have been seen shifting spending habits to consider present concerns rather than focusing on the future.
In the early weeks of the pandemic, the company’s survey showed 60 percent of Millennials were spending less overall, though spending more on groceries, alcohol, restaurants, and health and beauty. Cost savings and increases are in part due to wide restrictions put on lifestyles. In fact, 40 percent of Millennials reported having increased grocery expenses during the pandemic. However, the company also found Millennials are saving money due to travel restrictions. Twenty-three percent have canceled existing travel plans and an additional 32