Brief
Older Millennials Lead Hobby Spending as Housing Wealth Grows
Bank of America Institute analysis finds older millennials spend more per customer on hobbies than any other generation, mirroring a divide in homeownership.
By Felo News Desk · Published
Bank of America Institute research shows older millennials are the top spenders on hobbies, outpacing Gen Z, Gen X, baby boomers and younger millennials, according to Fortune.
The institute’s index, which sets Gen Z spending at 100, places older millennials at just over twice that level for the three months through August. Economist Joe Wadford told Fortune that older millennials also have the highest share of hobby spenders among generations.
Wadford said the trend reflects an emerging split in the housing market: older millennials have become the highest‑earning homebuyers, often repeat buyers, and are moving into larger homes as incomes rise. Jessica Lautz of the National Association of Realtors described a “definite split” in the millennial generation, linking it to those who locked in low mortgage rates versus those who did not.
Lautz added that the divide creates a renter‑versus‑owner economic scenario, while Wadford cautioned that higher hobby spending may be more about age and life stage than a pure wealth gap.
Key facts
- Older millennials spend more per customer on hobbies than any other generation, more than twice Gen Z’s level in the three months through August. (fortune.com)
- Older millennials have become the highest‑earning homebuyers and are more likely to be repeat buyers. (fortune.com)
- Jessica Lautz said a “definite split” exists in the millennial generation based on mortgage‑rate decisions. (fortune.com)
Sources
- [1] fortune.com — originally reported as “Older millennials are pulling away from the pack in the housing market—and they’re dominating the ‘hobbies’ economy, too”
