Americans' personal spending drops consistently after age 65, both among the affluent and those with lower levels of financial resources, according to a new rand corporation report. Why has consumer spending proven so resilient as the federal reserve has raised interest rates While it may not always feel like it, americans today have more purchasing power than they did in the 1970s
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Since 1973, the national median income has grown far faster than inflation
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There are more than 117 million americans 50 and older — 35 percent of the total population — and the age bracket is projected to grow to 132 million people over the next 10 years or so It will hit 157 million by 2050 That growth means more collective spending power. America's seniors continue to be a key driver of consumer spending
Their spending power may play an important role in the resiliency of the economy, as gen x, millennials and younger consumers slow down. Foresight 50+ by aarp and norc offers deep insight into the views and behaviors of americans 50 and older Older adults anticipate spending more across a range of expenses despite no increased income in 2024, according to a new foresight 50+ omnibus.
