That headline is one of the anecdotes I’ve heard, recently, about how young adults seem to be returning to their pre-recession spending behaviors a little more swiftly than expected. That’s a concept that is reiterated in a story from today’s Media Post Marketing Daily.
(By the way, if your company’s success depends heavily on this age group—or if you’re just into research—Pew Research makes a PDF copy of the full 149-page report available at the website.)
Implications: If your company serves “Generation Y” (defined as 18 – 27 in the Media Post article), this is obviously good news. While the job market in some regions is more challenging for this age group than some others (a job hunt can be more challenging with less experience or a shorter resume’), many Gen Y consumers are demonstrating the resilience of their youth. In terms of investments, they had less to lose than older generations when the stock market was misbehaving… and they have plenty of “career years” ahead of them to rebuild a nest egg. And finally, many of the government-sanctioned incentive programs (first time home buyers, cash for clunkers, rebates for energy-efficient appliances) seem to be spot-on with the needs of young adults. Such programs subsidize this "age of acquisition," while leaving money left over for things entertainment, electronics, and more.
Mike Anderson
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