Posted on 06/12/2019 12:59:25 PM PDT by Hojczyk
A growing body of evidence shows why Gen Y consumers aren't ideal: because many of them are broke
But a troublesome detail has been persistently overlooked over the last decade of wooing this crowd: Millennialsmany of them, anywayare strapped for cash.
Thats one of the takeaways of a brand new study from Deloittes Center for Consumer Insight, which surveyed over 4,000 American consumers to determine their current consuming habits. And when it came to millennials, one statistic stuck out: Since 1996, the average net worth of consumers under 35 has dropped by 35%.
The problem, Abramson believes, is that brands drunk on boomer spending rushed in for the millennials before stopping to consider what made that group differentand, in many ways, poorer.
Companies, saw the ROI for boomers, she said. They saw immediate results. They got very excited about it.
(Excerpt) Read more at adweek.com ...
That is why they like free stuff..????
They will spend a little money, a lot of times...but they dont have a lot of money to spend once.
Too late for Buick and Scion.
No money after peircings, tattoos, and recreational drugs?
This is why we need unlimited immigration. To buy everything on credit that American Millennials can’t.
If the Boomers had put at least as much effort into raising their kids as they did on pursuing material happiness then maybe the millennials would be in a better place at this time.
“nobody seems to know how to cook”
Ain’t that the truth. I have a contractor at my work that has a little farm and he brings in fresh peaches and blueberries every year. I whip up a little cobbler in the toaster oven with them and the millenials at work act like I just did some black magic sorcery.
These millenials and younger get locked into phone company "plans", month after month, year after year and expensive $1000 dollar phones. Couple that with student loan debt and crummy jobs, sky high housing costs, and there is little disposable income left at the end of the month.
Millennials are caught in a political-economic contradiction. The only way to politically improve their general condition is to elect small government free marketeers but their sight is much shorter than that and not informed by the History they did not get through their educational careers. Putting a Socialist government in power will very quickly cause a deterioration of the whole economy and the millennials will then become more equal with all that redistribution-free stuff but their overall prospects and prosperity will decline with the 97% of the population that is not part of the ruling class.
I went to the site but it did not stop jumping around. I left the tab up and returned to it every few minutes and it was still jumping around and going blank for a few seconds repeatedly. I gave up after 20 minutes or so.
Don’t forget the $700 smart phones.
-PJ
Re: Since 1996, the average net worth of consumers under 35 has dropped by 35%.
Because the number of white consumers under age 35 has also dropped by 35%?
Their daily trips to Starbucks will dispose of the rest of the disposable.
I’ve always lived by the maxim, “A portion of all I earn is mine to keep”, along with the old Volkswagen slogan, “Live below your means”.
And the $$ monthly $$ for the deluxe data package so they can post every little detail of their day.
Lemme guess- the university syndicate has bled them dry
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