- Becky Ebenkamp

Move over Gen Y, there are bigger spenders in town.

Traditionally known as boomers, these consumers have some silver to sling on spending, others to spend on and little loyalty to brands, according to TV Land's study Generation Buy: A Close Look at the Boomer Consumer.

"One size does not fit all in this group, they are in so many life stages—from empty nesters to singles [to an] active parent of a child under age 12," said Laurel Wichert, vp-research and planning at the TV Land channel, a unit of Viacom. "They have to make so many purchase decisions, and the word that comes to mind when you ask them to describe their lives is 'busy.' They'll buy what fits into their lifestyle. They are reinventing what it's like to be someone in their 40s and 50s."

The study found that consumers between ages 40 and 59 spend more on themselves each month than millennials and Gen Xers. But the buck hardly stops there: Gen Buy thrives on multigenerational purchases, and spends more than twice as much as younger consumers on others. The study, fielded by OTX, included a sample of 4,000 adults ages 18-65 nationwide.

For instance, Gen Buy spent more than three times the amount of money per month on spouses ($514) than adults under 40 ($169), nearly twice as much on kids ($295 vs. $158) and three times as much on teen children ($494 vs. $136).

These "promiscuous purchasers," as the study dubbed them, "are spreading the purchasing love" among many people in their lives, Wichert said. Gen Buy consumers are also known for being "free agent shoppers," who process a lot of information before making each purchase decision. They're also "savvy switchers," according to the study.

"We found that boomers switch for better quality, better functionality, substance over style," said Wichert. "It's all about this value proposition for them, where with younger people it's about being the first to own it or the style."