Are seniors opening their pocket books more this year? According to a recent Gallup poll, seniors in the 65+ category increased their average daily spending from $44 dollars to per day in 2009 to $64 dollars per day in 2010. That’s a big jump when compared to the 50-64 demographic that increased its spending in 2010 from 2009 by $2 per day, from $66 to $68. What’s the reason for the large jump in the 65+ category? The poll focuses on looking at the upper income bracket (defined as $90,000+) but the vast majority of seniors in the US don’t fall into that category and when looking at the range of spending among the demographics, the 65+ bracket is still the most frugal.
Has the senior bracket been holding back and now that the equity market has rebounded, are they opening their wallets again? Or is it “Frugality Fatigue”? For a generation that prides itself on fiscal restraint, the former is most likely the reason rather than the latter. The Baby Boomers on the other hand…they only increased their daily spending by $2 a day. For the full details on the Gallup poll, visit “Frugality Fatigue: Upper-Income Spending Surges 33%”