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A PYMNTS report published Oct. 3 draws on studies and surveys to describe how elder millennials, DINKWADs, HENRYs and solo agers make spending decisions. The findings point to distinct priorities, but the surveys cover different populations and do not establish that every person with a label spends the same way.
A PYMNTS report published Oct. 3 brings together research on elder millennials, DINKWADs, HENRYs and solo agers, describing how hobbies, pets, collections and independent living can shape consumer spending. The report draws on separate studies and surveys, rather than one unified measure, and its findings show why age or income labels alone can miss the decisions households are making.
A Bank of America Institute study found that older millennials spent more per customer on hobbies than any other generation in August. The bank defined the group as people born from 1978 through 1988. It also estimated that older millennials had about four hours and 15 minutes of leisure time a day, the least of any generation in the comparison. Bank of America suggested that some hobby purchases may be for children as well as for the adults themselves.
The same institute reported that hobby spending across its customers rose 7.9% in August from a year earlier, while the number of hobby purchases increased 3.4%. Those figures describe Bank of America customers and the stated year-over-year period; they do not, by themselves, establish why prices or spending changed.
For DINKWADs—dual-income couples with no children and a dog—a OnePulse survey of 250 people in the United Kingdom found that 44% had planned a holiday entirely around their dog. Nearly a third said they had selected a car based on how well the dog fit inside. These are survey results from U.K. respondents, not a measure of dog-owning households generally. Separately, Pew Research Center found that 12% of married U.S. couples with at least one spouse in their 30s or 40s had two incomes and no children in 2023, up from 8% in 2013. Pew did not report how many of those couples owned dogs.
HENRY is shorthand for a high earner who is “not rich yet.” In July, insurer Chubb reported results from a survey of 1,000 self-identified HENRY collectors, ages roughly from their early 20s to 45. Among that group, 64% owned watches or jewelry, 51% collected art or antiques, and 47% had insured their collections. Chubb said some respondents viewed their collections as sources of enjoyment and possible stores of value.
Household Choices Shape Spending
The report’s central point is that spending needs can differ within an age or income bracket. A household setting money aside for a dog-friendly holiday may make different choices from one paying for children’s hobbies or insuring a collection. Those priorities can affect purchases, insurance decisions and the kinds of financial services people seek.
For merchants, banks and payment providers, the findings suggest that what a customer is trying to support may matter more than a demographic label. The research does not prove that a named group has a single, predictable spending profile. Rather, it offers examples of the practical circumstances behind some consumer decisions—and a reminder that broad marketing categories can obscure differences within a group.
The report also discusses solo agers: older adults living without a spouse or partner at home. AARP research cited by PYMNTS found that many value the freedom and control of living alone. The report says those circumstances can influence decisions about financial advice, care planning, scam prevention and who may act on a person’s behalf.
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What the Labels Describe
The labels in the report refer to different kinds of circumstances, not mutually exclusive demographic groups. DINKWAD describes a two-income couple without children that has a dog. HENRY refers to a high earner who has not yet accumulated wealth. “Elder millennials” is an age cohort whose boundaries vary by source; Bank of America used birth years 1978 to 1988 for its analysis.
The cited material comes from multiple sources and dates: Bank of America Institute findings from August, a OnePulse U.K. survey conducted in August, Pew’s 2023 data on married couples, Chubb survey results published in July, and AARP research cited from the previous year. These samples are not directly comparable, and the measures cover different populations and questions. The report notes that one person could fit more than one label, such as an elder millennial who is also a HENRY or DINKWAD.
“People of similar ages can have very different claims on their money.”
— PYMNTS report
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Limits of the Survey Evidence
The figures do not establish how all people in these groups spend. The DINKWAD results come from 250 U.K. respondents; the Chubb findings describe self-identified HENRY collectors, not all high earners; and Bank of America’s spending statistics concern its own customers. The available material does not provide enough information to assess every survey’s methodology, representativeness or margin of error.
It is also unclear how much of older millennials’ hobby spending was for their own interests versus their children, a possibility Bank of America raised. The report does not quantify the share of DINK households that own dogs, or how collection insurance, household income and accumulated wealth vary across HENRYs. The figures show reported patterns, not causes, and they do not indicate that every member of a group behaves similarly.
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Further Data Could Test the Patterns
The report does not announce a new study or a scheduled follow-up. The next useful evidence would be additional research with clearly described samples and methods, including repeated measures that show whether these spending patterns persist over time. More detail on household composition, income, wealth, purchase purpose and geography would also help distinguish group-wide trends from findings limited to particular survey respondents.
For now, the report presents the findings as separate snapshots from banks, researchers, an insurer and a survey firm. Readers and businesses can use them as signals of varied consumer priorities, but the figures should not be treated as a complete profile of any group.
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Key Questions
What does DINKWAD mean?
DINKWAD means a dual-income couple with no children and a dog. The OnePulse survey cited in the report covered 250 respondents in the United Kingdom.
Who are HENRYs?
HENRY stands for “high earners, not rich yet.” Chubb’s survey figures cited here concern 1,000 self-identified HENRY collectors, not all high earners.
What did the report find about older millennials’ hobbies?
A Bank of America Institute study found that older millennials spent more per customer on hobbies than any other generation in August. The bank defined the group as people born from 1978 through 1988.
Do the findings describe all people in these groups?
No. The findings come from separate studies and surveys with different populations. They describe reported patterns in those samples and should not be assumed to apply to every person who fits a label.
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