Ten Minutes with Wayne Best

Ten Minutes with Wayne Best

Corner Office Conversations with Wayne Best

Wayne Best

Wayne Best

As Chief Economist for Visa Inc., Wayne Best keeps close watch on emerging opportunities in the trillion-dollar payments industry. An active participant in the World Economic Forum's Future of Consumption community, he identifies economic trends...

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The latest headlines about millennials have been critical about their spending habits, insinuating that if this particular generation spent less on frivolous items such as avocado toast, that important milestones like home ownership would be attainable. However, when we sat down with Wayne Best, chief economist for Visa, he discussed some surprising spending patterns for both millennials and baby boomers.

In fact, according to their most recent projections, Visa has found that consumers 60 and over have been and will continue to dominate U.S. spending for the next five to ten years. Combined with a later retirement age and a narrowing workforce for younger participants, the future of spending might not be in avocados, but in other boomer-friendly markets.

Press play to hear the interview in full and learn more about these generational spending habits.

The statements and opinions of the writer do not necessarily reflect those of TSYS.

Other Articles by Wayne

Wayne Best

As Chief Economist for Visa Inc., Wayne Best keeps close watch on emerging opportunities in the trillion-dollar payments industry. An active participant in the World Economic Forum’s Future of Consumption community, he identifies economic trends shaping the future. His unique presentations explain the impact of these trends to company and client executives as well as government leaders around the globe.

Frequently quoted in the trade and business media, Best brings economic theory and analysis to life with compelling stories and up-to-the-minute data from the largest payment provider in the industry. Because he stays close to the underlying dynamics of the business, his insights provide a clear perspective on the consumer's ability to spend, save and pay down debt. His passion for business and engineer's logic turn mathematical models and technical jargon into business intelligence that enables future oriented business decisions.

Before joining Visa in 1990, Best worked as a consultant performing cost benefit analyses for the power industry. In addition to his MBA, Best holds a degree in nuclear engineering and has participated in the Stanford University and Kellogg School of Management executive programs.

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