Consumer Payment Card News

Echo Boomers

A new study of consumers between the ages of 18 and 28 found that 80% stick to a strict budget when making purchases and 81% describe themselves as trying to cut back on what they spend. Nearly half of the “Echo Boomers” describe themselves as savers and 88% like to buy things for others more often than buying things just for themselves. The VISA USA commissioned study estimates that by the year 2015, the “Echo Boomer” generation will account for approximately $2.45 trillion in annual spending. Overall, the research concluded that “Echo Boomers,” who believe they are facing a difficult economic future, are demonstrating a more practical and mature approach to spending beyond their years. Interestingly, only 25% of “Baby Boomers” describe the “Echo Boomers” as an admirable generation compared to 68% of “Echo Boomers” who admire “Baby Boomers.” For more information on the “How America Spends” survey, visit “http://www.visa.com”:http://www.visa.com.

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