Generation X, comprising individuals in their 40s and 50s, is experiencing the most significant economic pessimism among U.S. generations, according to a recent Conference Board study. This demographic, often referred to as the "Slacker Generation," is navigating midlife with declining consumer confidence as they confront increasing expenses and begin to consider retirement.
The study, reported by Axios, indicates that Gen X members exhibit the lowest consumer confidence levels, a sentiment that may be linked to a typical midlife malaise. Research suggests that happiness often follows a U-shaped curve throughout life, with a dip in contentment occurring in the mid- to late-40s.
Consumer confidence is measured by a survey that asks respondents about current U.S. business conditions, with a six-month average indexed to 1985 levels. The data reveals that Gen X, specifically those aged 45 to 61, recorded a six-month average of 78 points on the Consumer Confidence Index. This figure represents the lowest reading for the generation in at least four and a half years. In comparison, Baby Boomers, aged 62 and older, showed a confidence level of 83 points, their lowest since October 2021. Confidence readings for both Baby Boomers and Gen X have been on a consistent decline since early 2025.
Generations younger than Gen X reported higher confidence. Gen Z and Millennials, under the age of 35, collectively demonstrated the highest overall consumer confidence. Gen Z's confidence saw a slight increase in April, reaching approximately 108 points, placing them just above Millennials.
Conference Board chief economist Dana Peterson noted that Gen X often finds itself in the position of the "sandwich generation," responsible for caring for both aging Baby Boomer parents and their own Gen Z children. This dual responsibility, coupled with financial pressures, contributes to their economic outlook.
Furthermore, a report from NielsenIQ indicates that Gen X feels inadequately prepared for retirement, despite being in their peak earning years. Only 35% of Gen X individuals feel financially prepared to support their aging parents, and just 55% believe they can financially support their children in the coming years.
Despite their current economic anxieties, Generation X is projected to be a significant driver of global consumer spending. They are expected to lead worldwide consumer spending through at least 2033, and potentially until 2036 in high-income markets. Currently, they account for over 30% of U.S. household spending. While Baby Boomers still hold a larger share of net worth, Gen X's spending power is substantial, with an anticipated $15.2 trillion in worldwide spending in 2025, projected to rise to $23 trillion by 2035.