As people of all ages deal with consumer credit counseling as they wait for the economy to improve, a new study has found that the recovery may be led by, of all people, the Generation X and Y-ers.
According to a new report published by Performonics, consumers between the ages of 18 and 44 overcame one of the worst economic years in decades and spent money in excess more than any other age group.
The results found that 76 percent of Americans in that age group had "splurged" on shopping sprees throughout 2009, and outspend those older than them in 11 separate categories.
"We hoped we would see this positive shift in consumer confidence months ago," said Michael Kahn, senior vice president of marketing for Performics. "The studys November findings indicate a substantial uptick in positive attitudes, shopping behavior and buying intentions, with younger generations, Gen Y and Gen X, fueling the optimism behind this uptick."
The study’s results also found reason to believe that the Gen X and Y-ers would continue their "splurging" ways into 2010 and continue to lead a gradual rebound in the economy. Eighteen percent of those ages 18-44 expected to spend more overall in the next 60 days than they had one year earlier. Compared to only 13 percent of those surveyed who were over the age of 45.