ICSC and Alexander Babbage Study Finds Gen X Drives the Highest Revenue Per Shopper (RPS) Across Retail

ICSC’s latest study, Gen X: The Overlooked Generation With Outsized Impact, developed with Alexander Babbage utilizing Babbage Spend, reveals that Generation X—though just 19% of the U.S. population—drives 31% of retail spending and leads all generations in revenue per shopper. These pragmatic, loyal consumers are fueling growth across categories from luxury to apparel and dining, representing the most immediate opportunity for retailers and property owners to capture incremental performance.

This research builds on our long-standing partnership with ICSC, including The Halo Effect series—the first to quantify how opening a physical store lifts both in-store and online sales. Together, these studies demonstrate the measurable financial impact of physical retail and the importance of understanding who shops, how they spend, and where growth potential lies.

Revenue Per Shopper (RPS) serves as a direct measure of retail productivity—linking consumer behavior, price positioning, and operational efficiency. High RPS retailers are not only driving larger average purchases for every shopper at a store, but also capturing stronger shopper intent and loyalty. Understanding these leaders helps investors, landlords, and retailers benchmark performance and identify where retail concepts are creating the most value per visit.