Householders Aged 65-Plus Are Spending 16% More

Average household spending reached a record high of $60,060 in 2017—finally surpassing by 2.1 percent the previous record set in 2006, after adjusting for inflation.

Households headed by people under age 45 are still spending less than their counterparts did in 2006, however. One reason for their lackluster spending is lower marriage rates, with fewer of these households being headed by married couples—the biggest spenders. At the other extreme, the spending of householders aged 65-plus has surged. Households headed by people aged 65 or older spent 16 percent more in 2017 than their counterparts spent in 2006. One factor behind the increased spending of older Americans is the influx of baby boomers into the age group. Studies have shown that the baby-boom cohort is more comfortable with debt than the generation it is replacing.

Average household spending, 2017 (and % change since 2006; in 2017$)
Under age 25: $33,629 (–1.9%)
Aged 25 to 34: $55,325 (–4.4%)
Aged 35 to 44: $69,034 (–1.2%)
Aged 45 to 54: $73,905 (+5.6%)
Aged 55 to 64: $64,972 (+5.2%)
Aged 65-plus: $49,542 (+16.2%)

Source: Bureau of Labor Statistics, 2017 Consumer Expenditure Survey