Visa just commissioned a study on echo boomers (those born between 1979 to 1989) and baby boomers to compare spending habits, as told by MediaPost. The only true similarity between the groups is that both are concerned about saving for retirement. They concluded that echo boomers are being more frugal in their younger years than the baby boomers were, which will eventually lead to more discretionary income than the baby boomers currently have.
Visa USA’s chief economist, Wayne Best, said “The baby boomer generation has had a profound influence on the U.S. economy over the past several decades. However, as they enter the ‘golden years’ and their spending influence wanes, we must begin to focus on the even larger spending impact that echo boomers will have on our economy.”
It’s logical that echo boomers are going to mirror their (mainly) baby boomer parents’ spending habits, and that such a large financial institution like Visa would look toward this lucrative future. But the youngest baby boomers are only 43. Let’s hope they’re not written off into a ‘golden’ oblivion anytime soon.