Results from a new Gallup poll show that Baby boomers’ self-reported average daily spending of $64 is down sharply from an average of $98 in 2008.  However, baby boomers (the largest generational group of Americans) are not alone in reducing spending, all generations showing declines from last year.

According to Gallup’s estimates, 36% of U.S. adults are part of the baby boom generation (born between 1946 and 1964), making it the largest of the five most commonly defined generations.

With baby boomers constituting the largest bloc of U.S. consumers, their spending habits have a proportionately greater effect on the economy, given that consumer spending accounts for about two-thirds of the total gross domestic product.

Boomers’ Spending, Like Other Generations’, Down Sharply