ICSC: Gen X's spending power remains on top
While much has been said about the spending power of Gen Z and millennial consumers, Gen X is still the age cohort with the greatest impact on retail sales.
New research from ICSC reveals that those born between 1965 and 1980 have the highest revenue per shopper (RPS), or average purchase, across nearly every category, driving 31% of in-store and online spending while representing only 19% of the U.S. population.
More than half (56%) of Gen X respondents report a positive life outlook, more than any other generation. In nearly every category in the ICSC survey except luxury goods, Gen X consumers said they expect to increase their spending over the next 12 months.
[READ MORE: Survey: Gen Z households spend average of $28 per shopping trip]
Gen X spends more in-store than online across nearly every category and leads the pack with the highest in-store RPS in most sectors, according to the report. More than three-quarters (77%) of Gen X respondents said they feel confident purchasing at physical locations due to its “tactile advantages and human connections.”
Despite this, nearly two-thirds (62%) of respondents cite long checkout lines as their top frustration, and nearly half (48%) are put off by inventory shortages, showcasing the necessity of a strong in-store experience.
“Common monikers for Gen X like the ‘sandwich generation’ and the ‘forgotten generation’ speak to Gen X as the overlooked middle between baby boomers and millennials who often get more attention,” said Tom McGee, president and CEO of ICSC. “But our new data tells a different story: They are the powerhouse driving today’s retail economy, spending more per shopper than all other generations. Gen X is pragmatic, loyal to brands they trust, and influential decision-makers for themselves, their children, and their parents. For retailers, there is no bigger near-term growth opportunity than winning the loyalty and the dollars of Gen X.”
Gen X’s share of spending is expected to continue growing as well. With $42 trillion in wealth at the start of 2025 and a collective $1.4 trillion a year projected to come their way in inherited assets over the next decade, ICSC says that Gen X is a “powerhouse consumer sector” that retailers should be prioritizing.
Additional insights from the survey include the following:
- Eighty-one percent of Gen X respondents said they are loyal to brands they trust, and 51% say that loyalty has only grown over the past five years.
- Nearly 80% use self-checkout kiosks regularly, and more than two-thirds use mobile apps and social platforms like Facebook and TikTok to discover or purchase products.
- Three-in-four Gen X consumers are caregivers for children and/or parents, and more than half are stressed about rising costs, retirement savings, and healthcare.
“Gen Xers’ extraordinary spending power and unique life circumstances make them a vital part of today’s retail landscape and a decisive force in shaping its future,” added McGee. “The message for retailers focusing their marketing on Gen Z, millennials, and Baby Boomers is clear: Recognize the immense value of the generation in the middle. The future of retail growth isn’t defined solely by the youngest or oldest shoppers — it hinges on recognizing and capitalizing on Gen X’s established and growing spending power.”
From June 27 to July 1, 2025, ICSC and the analytics firm Alexander Babbage conducted a national survey of 1,086 adults. In addition to consumer research, ICSC and Alexander Babbage conducted a retail behavioral study encompassing $5 trillion in total retail spending, covering five total years of transactions (2020–2024).
ICSC’s full Gen X report can be found here.
