Consumer habits:

Young people party, older people prefer to save

Spending behavior differs according to age: young people spend a lot on new clothes, for example, while older people spend less.

(Bild: lev dolgachov – stock.adobe.com)

There are big differences between the consumer habits of the generations: Baby boomers pay the most attention to money, while younger people spend the most on discos and festivals.

What you spend money on depends very much on which generation you belong to. A new Marketmind survey commissioned by Bawag and the Austrian Bankers Association sheds light on the spending habits of different age groups for the first time:

"Gen Z" spends a lot of money on appearance
The youngest "Gen Z" (born between 1996 and 2010) uses delivery services more often than average, goes to pubs, bars and nightclubs and is the generation that goes to the movies most often. Restaurant visits, on the other hand, are well below average. Young people mainly spend their vacations with their families, who often pay for them. "Gen Z invests a relatively large amount of money in aesthetic treatments," says Gerald Resch, Secretary General of the Banking Association. "Visits to the beautician and manicurists are also important." The reason for this is the cult of beauty on social media. Resch: "Young people also spend an above-average amount on online gaming, computer games and fashion."

Younger people spend an above-average amount on aesthetic treatments compared to other generations. This is due to the cult of beauty through social media.

(Bild: puhhha/stock.adobe.com)

Millennials invest the most in vacations
Millennials (born between 1981 and 1995) invest "by far the most in vacations and can afford it. They have completed their vocational training, are taking their first career steps and often already earn a good salary. Food delivery services and partying at home are also important to them," says Resch, who adds: "What is striking is that millennials go to the most sporting events. And when it comes to hobbies, day trips are often on the agenda, such as visiting an exhibition or a castle with the children."

Millennials have the biggest budget for vacations.

(Bild: stock.adobe.com/Song_about_summer)

Generation X cultivates restaurant visits
For "Generation X" (born between 1966 and 1980), going out usually means going to a restaurant. They also invest a relatively large amount in their hobbies. Cars and motorcycles play an important role here. Resch: "Interest in cars is declining among younger people, but for Generation X, the car is still an important part of everyday life, which is also maintained."

(Bild: Krone KREATIV/stock.adobe)

Baby boomers like wellness and theater
Baby boomers (born between 1946 and 1965) are by far the most frugal. In a generational comparison, they spend the least on vacations. Instead of long-distance travel, they prefer an occasional wellness vacation and visits to restaurants. And they are the only generation that often goes to the theater, opera and classical concerts. "In contrast, their spending on streaming and online services and on fashion is far below average," says Resch.

Baby boomers are the only generation to attend classical concerts more often.

(Bild: Mathis Fotografie)

Overall, the biggest item of expenditure for Austrians (necessary expenses such as food or housing were not measured) is vacations: on average, we spend over 2,000 euros on travel. In second place is going out - from restaurants to bars, pubs or discos, but also going to the movies. Then come hobbies such as reading, sports, cars or motorcycles, followed by wellness and personal care, fashion and online services such as movie and music streaming, computer games or online gaming.