Taking over long-held book-buying leadership from baby boomers, Generation Y—those born between 1979 and 1989—spent the most money on books in 2011, according to the 2012 U.S. Book Consumer Demographics and Buying Behaviors Annual Review, prepared by Bowker Market Research and Publishers Weekly.

Y's 2011 book expenditures rose to 30%—up from 24% in 2010—passing boomers' 25% share.

"The book industry is operating in a new and dynamic landscape that puts much more power in the hands of consumers," said Kelly Gallagher, vice president of Bowker Market Research. "Consumers can now very easily purchase virtually any book they want, whenever they want it and get it at a competitive price. It's more essential than ever before to understand who is buying and what their expectations and habits are."

The review, which polled almost 70,000 Americans who bought books of any format and from any source in 2011, revealed that the collapse of Borders accelerated movement of book sales to online retailers and away from bookstore chains.

By the fourth quarter of 2011, online retailers' share of unit purchases had risen to 39%, up from 31% at the close of 2010. Conversely, chains' share fell to 30% in the fourth quarter of 2011 from 36% in the final period of 2010.

E-books continued to grow, rising from 4% of unit sales in 2010 to 14% in 2011. Among major subgenres, e-books had the most impact in the Mystery/Detective category, accounting for 17% of spending, followed by Romance and Science Fiction—where the format accounted for 15% of sales.

The review also found a slight dip in women's lead in book buying. Women's share of unit purchases declined to 62% from 65% in 2010, and their share of spending dropped to 55% from 58% in 2010.

Click here for more information on the 2012 U.S. Book Consumer Demographics and Buying Behaviors Annual Review. 

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