Hotels, airfare and recreation have the largest pullbacks among young consumers

Across most discretionary categories, all generations reduced their spending compared to the same time last year, with the exception of GenXers who increased spending for airfare, hotels and restaurants. Recreation spending – which includes concerts, sporting events, movies, etc. – had some of the largest declines, with Millennials reducing their average spending by nearly $80 in June 2024 compared to a year ago. Although demand for travel looked promising early in the season, vacation spending also took a hit from younger adults, particularly for hotels. Although discretionary services had the largest year-over-year declines, spending on nonessential goods is also muted this summer compared to last, particularly for furniture and apparel.

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