Figure 6. Protective versus relaxing changes in consumer spending behavior, by generation
Generation No change Both Relaxing Protective

Millennials (born 1981–present)

16.4 26.6 3.4 53.6

Generation X (born 1965–80)

18.9 28.5 4.4 48.2

Baby boomers (born 1946–64)

21.0 33.0 5.0 40.9

Silent Generation (born 1928–45)

28.3 35.7 5.1 31.0

Source: U.S. Census Bureau, Household Pulse Survey.