Boomers are dominating the economy and benefiting from historic rate hikes. BofA explains which stock trades to make as millennials struggle.

• The way Boomers and Millennials are spending can inform investment decisions, Bank of America analysts say.
• Travel, healthcare, and housing are attractive buys, as Boomers spend big in those areas.
• Apparel is risky, considering its target demographic, Millennials, are increasingly cash-strapped.

We're in the middle of a "Boomer boom," as the wealthier older generation of Americans spends big on a wide range of goods and services.