Early Generation X-ers 'biggest spenders on keeping up lifestyle and holidays'
People in their early 40s are the most influential consumers and wield the biggest spending power when it comes to splashing out on life's luxuries and holidays, a study has found.
Despite often having the pressures of young children and a hefty mortgage to pay off, Generation X households whose occupants are aged between 41 and 45 still manage to splash their cash, economists at Experian discovered.
These households spend £126.39 per week on lifestyle-related spending on average - more than any other age group - Experian's inaugural Spending Power Index found.
Lifestyle spending includes money going on discretionary goods and services such as restaurants and hotels, takeaways, mobile phones, hobbies, gardening, pets, cinema trips, TV services and gambling.
People in their late 30s and late 40s are the next biggest spenders on keeping up their lifestyle, the research found.
Meanwhile, those in their early 40s also spend around £34 per household per week on holidays - compared with an average of £26.69 per week for millennial households where people are in their late 20s.
Amir Goshtai, managing director of Experian partnerships and propositions, said: "We found that the early Generation X-ers are by far the most influential group in the UK in terms of earnings, spending, and tax contributions.
"It may not feel like it at times, especially for those who are parents with young children with mortgage payments to keep up.
"But in some ways these factors might actually contribute further to this age bracket's position as the most powerful cohort in the country."
The UK study used a variety of sources, including market research data and Office for National Statistics (ONS) figures.
Here is the average spending on lifestyle by households per week by age group, according to Experian:
- 18 to 25, £89.01
- 26 to 30, £99.69
- 31 to 35, £112.89
- 36 to 40, £122.63
- 41 to 45, £126.39
- 46 to 50, £121.42
- 51 to 55, £107.31
- 56 to 60, £110.80
- 61 to 65, £105.72
- 66 to 70, £87.26
- 71 to 75, £77.79
- 76-plus, £69.35
And here is the average spending on holidays by households per week by age group, according to Experian:
- 18 to 25, £23.69
- 26 to 30, £26.69
- 31 to 35, £30.13
- 36 to 40, £33.13
- 41 to 45, £34.00
- 46 to 50, £32.31
- 51 to 55, £28.16
- 56 to 60, £29.47
- 61 to 65, £27.57
- 66 to 70, £33.24
- 71 to 75, £30.48
- 76-plus, £28.05