Baby Boomers are living it up, splurging on cruises and restaurants. Younger Americans are struggling just to keep up.

Bank of America internal data shows a “significant gap” in spending has opened recently between older and younger generations.

While Baby Boomers and even Traditionalists (born 1928-1945) are ramping up spending, Gen X, Gen Z and Millennials are cutting back as they grapple with high housing costs and looming student debt payments.

“It’s fairly unusual,” David Tinsley, senior economist at the Bank of America Institute, told CNN in a phone interview.

Overall, household spending dipped 0.2% year-over-year in May, according to the bank’s card data — but the generational breakdown showed a more varied picture.

Spending increased by 5.3% for Traditionalists and 2.2% for Baby Boomers. In contrast, spending fell by about 1.5% for younger generations.

If not for the aggressive spending by Boomers, Tinsley said, overall consumer spending would have been even more negative.

So, what is going on?

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