Consumer Payment Card News

Time-Stretched

Consumers between 18 and 28 years old are expected to lead the growth in dining, travel and entertainment spending over the next few years as “Baby Boomers” focus more on medical expenses, family gifts and vacations. The so-called “Echo Boomer” generation is expected to account for about $2.45 trillion in annual spending by 2015. A recent study by VISA USA showed that “Echo Boomers” will generate growth in many retail categories that help relieve feeling time-stretched. The research also revealed that when it comes to spending “Echo Boomers” are more likely to listen to their parents, spouses and children rather than members of their own generation. If they could reward themselves, 35% of “Echo Boomers” would choose a day off just for themselves followed by going to a special concert or sporting event (22%), going out on the town (15%), going to a spa (13%) and buying new clothes (11%).

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