As we get older many things like our jobs, skills, personal habits, and spending habits. What you wanted in your late teens is not the same as what you want in your early 30s. It might be similar as pretty much everyone wants to win the lottery or have a nice home and car. However, as you age your needs and wants as a consumer change.
HS Dent, an economic forecasting firm, looked over data on consumer spending habits by age group to take a closer look at how our spending habits change as we age. Here are some of the highlights.
- At about age 50 the number of magazines you buy peak, but by age 70 that number is cut in about half. However, you’re likely to be buying less because you’re subscribing to them instead; magazine subscriptions peak around age 65.
- Unsurprising when it comes to dinnerware, you’re spending the MOST on plastic dinnerware in your 20s. In your 50s you’ll spend more on fine China and dinnerware than any other time in your life.
- Two other things to save for in your 70s and 80s, hearing aids and prescription medications.
- Your social life tends to peak around 40-50 as does how much you spend on air travel. As you age this tends to taper off.
- Your drinking habits seem to be a bit of a roller coaster until you hit 65 when it starts to drop. Interestingly though, your 20 year-old self drinks almost as much as your 70 year-old self.
- In your early 50’s you’re also more likely to spend more on your finances than any other age by using accounting services.
- It seems having a mid-life crisis is real; the amount of money you’ll spend on a new car peaks in your 50s and is about the same in your 20s as it is in your 60s.
As you can see your age plays a big part in your spending habits. These consumer spending habits by age group are also a good guideline for saving for your future.