Gen Z drives subscription growth, but Gen X still spends more

Summary

• Gen Z subscription spending surged nearly 14% year-over-year in July.
• Younger Millennials increased subscription spending by approximately 10% year-over-year.
• Older Millennials increased subscription spending by approximately 8% year-over-year.
• Gen X spends the most overall on subscriptions, narrowly topping older Millennials.
• Gen X & older Millennials spend about 40% more than Gen Z on subscriptions.
• Over half of Gen Z & younger Millennial subscription spending goes to entertainment providers & large retailers.
• Entertainment & retail capture 60% of Gen Z's subscription budget.
• Older generations spend more on home services compared to younger generations.
• Gen Z spending on reading & information increased slightly over 60% year-over-year.
• Data covers a rolling twelve-month period to July 2026.
• Gen Z is defined as born after 1995.
• Younger Millennials are defined as born between 1989-1995.
• Older Millennials are defined as born between 1978-1988.
• Gen Xers are defined as born between 1965-1977.
• Baby Boomers are defined as born between 1946-1964.
• Subscription spending includes non-utility recurring payments for entertainment, retail, reading, food, fitness, fashion, & home services.
• Data is derived from aggregated & anonymized Bank of America transaction data.
• Spending data includes total credit card, debit card, ACH, wires, bill pay, business/peer-to-peer, cash, & checks.
• Household spending analysis includes only active US households making a minimum of five transactions a month.
• Income terciles are based on quantitative estimates with the lowest third as lower income, middle third as middle income, & highest third as higher income.