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A PYMNTS report published Oct. 3 describes how older millennials, DINKWADs, HENRYs and solo agers make spending decisions around different household priorities. The figures come from separate studies and surveys, so they describe specific groups rather than all consumers in those categories.
A PYMNTS report published Oct. 3 uses findings from several studies to show how older millennials, DINKWADs, HENRYs and solo agers spend according to different household needs and priorities. The examples range from hobbies and dog-centered travel to collecting and planning for later-life support, illustrating why age or income alone may not explain a customer’s choices.
A Bank of America Institute study found that older millennials spent more per customer on hobbies than any other generation in August. The institute defined the group as people born from 1978 through 1988. It also estimated that this group had about four hours and 15 minutes of leisure time a day, the least among the generations it compared. The report suggested parents in this age range may buy hobby supplies for children as well as for themselves.
Across Bank of America’s customers, hobby spending rose 7.9% in August from a year earlier, while the number of hobby purchases increased 3.4%. Those figures measure different things: total spending and purchase count. The source does not establish that every hobby became more expensive or explain how much of the spending change came from prices versus the types or sizes of purchases.
A separate OnePulse survey of 250 DINKWADs in the United Kingdom found that 44% had planned a holiday entirely around their dog, while nearly one-third had chosen a car based on whether the dog fit inside. DINKWAD means a dual-income couple with no children and a dog. The findings apply to respondents in that U.K. survey, not to dog-owning households generally.
Household Priorities Shape Purchases
Together, the examples show why broad consumer labels can obscure the decisions that actually shape spending. A dog can affect a couple’s travel and vehicle choices; a hobby can compete for limited leisure time; and a valuable collection can bring insurance decisions alongside the initial purchase. For retailers, banks and payment providers, those practical needs may be more informative than age or a demographic nickname alone.
The report also points to a distinction between earning and wealth. HENRYs—people described as high earners who are “not rich yet”—may have income to spend while still building accumulated assets. That can leave them balancing discretionary purchases with protection and longer-term financial choices. The article does not establish how representative the cited groups are across the wider population, but it highlights different needs that services may have to address.
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Four Labels, Different Evidence
The labels cover overlapping, not mutually exclusive, groups. An older millennial could also be a HENRY or a DINKWAD. The PYMNTS report combines research with different methods and populations, rather than a single study comparing all four groups. Its figures should be read with those limits in mind.
Pew Research Center found that in 2023, 12% of married U.S. couples with at least one spouse in their 30s or 40s had two incomes and no children, up from 8% a decade earlier. Pew’s finding concerns couples without children; it did not establish how many owned dogs. DINKWAD is a narrower label that adds a dog to the household description.
For HENRYs, insurer Chubb reported in July on a survey of 1,000 self-identified HENRY collectors, from their early 20s to age 45. In that respondent group, 64% owned watches or jewelry and 51% collected art or antiques; 47% had insured their collections. These results describe surveyed collectors, not all high earners. The report also refers to AARP research on solo agers—older adults living without a spouse or partner at home—which found that many valued the freedom and control of that arrangement.
““People of similar ages can have very different claims on their money.””
— PYMNTS report
Limits of the Survey Findings
The cited numbers come from different studies, dates and populations, so they do not provide a direct comparison of spending across all four groups. The report does not give detailed methods for every cited finding, and the OnePulse DINKWAD survey is limited to 250 U.K. respondents. The Bank of America figures likewise describe its customer data and the institute’s generation definitions, not every household in the United States.
It is also unclear how much of the rise in hobby spending reflects price increases, changes in what customers bought or other factors. Chubb’s results cover self-identified HENRY collectors, not HENRYs as a whole. The cited material offers no single estimate of the size of the DINKWAD or HENRY populations, and Pew’s child-free-couple data do not identify dog ownership.
More Data on Consumer Needs
The source material does not announce a new study or set out a specific future release date. The next useful evidence would be research that tracks these groups over time and explains how household responsibilities, prices, income and wealth affect their purchases. Until then, the figures provide separate snapshots, not a common forecast of future consumer spending.
For now, businesses interpreting the findings will need to avoid treating labels as reliable descriptions of every person within a group. The report’s practical takeaway is to focus on the needs behind a purchase—supporting a child’s hobby, traveling with a dog, protecting a collection or planning to live independently—while recognizing that the available research does not establish how widely each pattern applies.
Key Questions
What does DINKWAD mean?
DINKWAD refers to a dual-income couple with no children and a dog. The cited OnePulse findings are from 250 respondents in the United Kingdom.
What is a HENRY?
HENRY stands for “high earner, not rich yet.” It describes people whose income may be high while their accumulated wealth is still developing; it is not a formal financial classification.
What did the older-millennial study find about hobbies?
The Bank of America Institute study said older millennials, defined as people born from 1978 through 1988, spent more per customer on hobbies than any other generation in August. It also estimated they had about four hours and 15 minutes of leisure time a day.
Do the survey findings represent all consumers in these groups?
No. The cited results come from distinct studies and surveys, including a U.K. survey of 250 DINKWADs and a Chubb survey of 1,000 self-identified HENRY collectors. They should not be treated as population-wide estimates for every person with those labels.
What are solo agers?
Solo agers are older adults living without a spouse or partner at home. The report says AARP research found many value the freedom and control, while their circumstances can affect planning for care, financial advice and who may act on their behalf.
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