Baby Boomers & Gen X Don’t Think 9 Things Are Worth What They Cost Anymore
Lucigerma | Shutterstock The cost of living is impacting everyone, even financially stable boomers and Gen Xers.
Rising prices have these older gens thinking twice about their spending habits and the purchases that just don't seem worth the cost anymore. It's nearly impossible to stick to traditional budgeting rules in our current economy, and they’re struggling to figure out what to prioritize. That means many of their small luxuries and comforts are going out the window.
Purchases boomers and Gen Xers don’t think are worth what they cost anymore:
1. Gas
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Many older generations are second-guessing how they get around in light of severe gas price hikes over the last year.
More than 45% of Americans canceled summer plans and vacations to cover rising transportation and gas costs. It’s clear this is becoming a real problem. Especially for people commuting to work with no other option, and retirees on fixed incomes, many households have to make tough budgeting choices and sacrifices just to make it work.
2. Concert tickets
Rising concert prices have made going to a show a complete luxury. With the average ticket price now lingering around $130, it’s more than a casual Friday date night and now something people have to truly plan and budget for.
Boomers and Gen Xers used to be able to see live music for $10 or even for free. Higher ticket prices, plus parking and transportation costs, make it unaffordable for most people. Gen Zers might be able to justify the costs for the sake of experiences, especially while pushing back the timeline on bigger expenses like homeownership, but for older folks with lots of other bills to contend with, it's an expense that doesn't make sense.
3. Fast food
As of earlier this year, data indicated that Gen X and boomers intend to reduce their spending on fast food. Yes, the convenience is great in a season when free time is a huge luxury, but for many, it’s not worth it given rising costs.
They’re more inclined to budget-shop at the store and cook at home, especially compared to younger generations who lack basic cooking skills.
4. Going out to eat
Despite appreciating the social interaction and community that restaurants offer, many Gen Xers and baby boomers are cutting back because eating out has become unaffordable.
Restaurants have been forced to raise their menu prices to account for inflation and rising costs, and they're losing customers in the process. The community aspect is sorely missed, but for older generations with the skills to cook for themselves, that often takes precedence over spending hundreds on a meal out.
5. New clothes
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Older generations are more interested in spending their money on quality goods that will stand the test of time. It’s really no surprise that they’re cutting back on buying clothing at typical stores. While consumerism and fast fashion are partly to blame, it’s nearly impossible, unless you’re thrifting or searching vintage stores, to purchase clothing that’s worth the price you have to pay.
Even luxury clothing and designer brands are worsening in quality. With nearly 70% of clothing products now made from synthetic fibers, plastic clothes hurt our wallets and the environment.
6. Tipping for service
Older generations, specifically boomers, tip the least of all generations. Their aversion to tipping culture could be rooted in their limited retirement income.
A tip feels extreme when what you get is sub-par but costs too much. There's also the expectation to tip in places where it no longer seems reasonable. It’s a social problem, not a personal entitlement issue.
7. Lawn and landscaping services
Despite needing the most support with home maintenance, many older generations are cutting back on certain luxury expenses, like hiring a landscaper or lawn care service. Even if doing it themselves is a struggle, they can't justify the cost of paying someone else to handle the task.
That might mean bringing in family members or carving out valuable free time on the weekends, but for all generations struggling with basic bills in the current economic climate, these luxuries just aren’t worth it anymore.
8. Organic groceries
While Gen Zers are willing to pay for organic fruits and vegetables because of their commitment to sustainability and nutrition at this stage in their lives, many older generations stick with generic, low-cost substitutes.
Rather than spending more than they already do at the grocery store, Gen Xers and baby boomers search for the best price by avoiding high-ticket items and instead opting for deals and sales.
9. Home decor
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Especially during the holiday season, when most older generations are known to indulge in festive decor, it’s surprising that they are cutting back amid financial pressures. However, with rising gas prices and broader inflation, they don’t have the disposable income to add new baubles to their current holiday collections.
Yes, they might have the wreath from the basement hung up or a Christmas tree in the living room, but when it comes to buying new decor, they just don’t believe it’s worth the cost anymore. It's probably a good place to cut costs since most have plenty collected from years prior.
Zayda Slabbekoorn is a senior editorial strategist with a bachelor’s degree in social relations & policy and gender studies who focuses on psychology, relationships, self-help, and human interest stories.
