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: Millennials—many of them, anyway—are strapped for cash.
That’s one of the takeaways of a brand new study from Deloitte’s 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 different—and, 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 ...
You might find this amusing: https://www.youtube.com/watch?v=15iLHlJPp_0
Probably higher taxes and Obamacare...
Cell phone upgrades, hair coloring jobs, sushi a couple times a week, manicures/pedicures/waxings…. and so on.
Well, you are the Boogieman!
Reason #296 why the Chamber of Commerce will eventually line-up in support of student loan forgiveness.
In the People’s Republic of Californiastan, I as a single white male, get 30% of my check taken out for taxes and medical insurance I do not want, but am forced to have. I can only imagine how much I will lose when I eventually get married.
I’m mentoring one of my coworkers about the benefits and joys of cooking for herself. She’s been very eager to learn. She and her boyfriend estimate they spend over $2K a month eating out or on restaurant delivery services like GrubHub. I taught her how to make a frittata that she can put any variety of ingredients into. She made her first one over the weekend and was shocked at how easy it was and how good it tasted. She’s ready for more ideas. I’m hopeful I’m gaining a convert.
Also software replaced a lot of material things. They’d rather have a $5 game on that phone with a Starbucks then something more expensive. So instead of buying the larger ticket material items they go for smaller less expensive non-material things.
Add in that they eat out a lot and have cable/sat TV & internet, too.
And don’t forget the daily cost of a $5 cup of Starbucks, millennials love wasting money on that kind of thing.
Does that stuff really cost $5??? had to drink it once at 0300 during a layover in Charlotte, it sucked, but only place open at that time. I was desperate...............
Until young people have a chance to earn decent wages, don’t expect them to reject socialism. As long as companies here prefer foreigners (either sending the work overseas or trafficking foreigners here to do it), many young people today assume they’ll work low-wage jobs until they die.
Almost - more like it’s because they expect free stuff....
“$2K a month eating out”
Yeesh. I spend $60 at the grocery store and I can make anywhere from 6-10 meals out of that.
That’s precisely why advertisers go after gays, because they tend to have more disposable income.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.