Baby boomers and echo boomers (those born between 1979 to 1989) will account for more than half of total consumer spending by 2015, according to a report from Visa entitled "How America Spends."
In 2015, baby boomers are expected to spend $4.6 trillion and echo boomers $2.45 trillion. Currently, baby boomers spend $3.8 trillion annually and echo boomers $400 billion.
Nearly half of echo boomers describe themselves as savers. More than 70 percent say they are concerned about having enough money for retirement. Adequate retirement saving concerns more than three-quarters of baby boomers.
The biggest monthly expense for both groups is housing. The next biggest expenses for baby boomers are medical and dental costs and restaurant dining. Eating out is also the second highest monthly expensefor echo boomers.