(TNS)—They’re known for bouncing around jobs, delaying marriage and holing up in their parents’ basements.
Dubbed recently as the “children of the Great Recession” by Democratic presidential nominee Hillary Clinton, millennials are the best educated and most diverse population of young people in U.S. history. They are also perhaps the most coddled, some would say spoiled.
As they emerge this year as the United States’ largest demographic group—some 75 million strong—millennials are taking up the mantle as the most impactful generation since the baby boomers.
Their influence has started slowly, due largely to the economic instability that has left many struggling to find good-paying jobs and saddled with staggering student loan debt.
But millennials—adults under 35—are certain to shape the economy for decades to come. And their coming of age in the midst of the worst financial crisis since the Great Depression has bred distinct traits that could pose special challenges for the nation’s future growth and prosperity.
For starters, millennials are not big spenders, at least not in the traditional sense.
Millennials tend to prefer experiences over buying things and accumulating stuff. To them, an impressive selfie capturing a memorable moment is, in some sense, as enviable as a new car or fancy watch was to their parents.
Neil Howe, an economist and demographer who coined the term “millennials” with co-author William Strauss, sees it as part of a redefining of American conspicuous consumption.
Instead of material wealth, millennials show off through their travels, hobbies and even meals, which get photographed and posted on Facebook, Instagram and other social media.
“If you’re a foodie, you can go out and have some incredible dining experience, and then you can curate it almost as if it were a thing,” Howe said. Millennials are one reason restaurants have been doing well—and hiring so many workers.
Dominick Ardis, 29, typifies his generation. In between jobs this year, the Tallahassee, Fla., resident scrounged money from family and friends so he could immerse himself in Hebrew studies this summer at Middlebury College in Vermont. Last year it was the art of glass-blowing. And before that he was getting voice lessons.
“Music is such an emotional and experiential event,” he said. Ardis is interested in his career and making money, too. It’s just that he’s got other things on his mind, like taking a trip to Cuba next year.
Such priorities may well give Ardis and his fellow millennials a more fulfilling, well-balanced life than, say, workaholic boomers. But that may not be great for a U.S. economy driven by consumer spending, which accounts for two-thirds of the nation’s gross domestic product.
Young Americans are unusually optimistic, which could propel purchases—and economic growth—as their disposable income increases. But they’re still not likely to have as much left over because so much is going to skyrocketing rents and education expenses.
The low home-buying rate of young adults already has been a big factor in the slow housing market. The homeownership rate for those under 35 slipped to a low of 34 percent this year, compared with around 40 percent for young …read more
From:: Finance and Economy