Interesting article kinda. I liked how the article brought to light how the financial and housing crash in late 2000s and increase in student debt affected spending habits. Actually it reminded me also of my late grandmother who was in late teens in 1929 and through her twenties during much of the Great Depression. She had zero trust in financial institutions and very cautious of spending. She made lots of her own clothes and would not pay full price for clothes when she could pay less she loved Marshalls which was/is cheaper.
I suspect she would say “finally a generation with sense”.
I think also hope has changed. Growing up in 70s and 80s the idea of “each generation will do better” was not a dream but a firm belief which we took for granted. I recall during the President Clinton years having a degree in computer science was a golden ticket really high salaries. Actually in lots of fields during that time salaries for graduates was high.
It collapsed. I know this is unpopular but the Tech Bubble and Burst had a huge impact maybe as big as the housing bubble. Why? It marked the start of when the idea that you can do better then your parents started to fade that acollege degree no longer meant a great starting salary. During the 90s I knew many young folks in their 20s who would accept jobs take a lowish salary for stock options at software companies. It was a horrible gamble. At my company we were encouraged to return part of our salary for stock, those who said no were the wise ones.
I would also add millenials also seem very averse to buying collectibles. I remember in the 90s going to auctions and seeing pieces of Lladro selling for 100 plus for small pieces far more for larger. I now see same pieces sitting on shelves for twenty dollars. Royal Doulton ok I love Royal Doulton. I saw Toby Jugs selling for 60 plus dollars now twenty is expensive, except for the true antiques. As someone I know once said “young folk want furniture, lamps anything that has a purpose, not what they see as dust collectors and those who would buy dust collectors are those who either are downsizing or have downsized and are not interested any more in them.”.
Part of me hope its not true. Is it?
Double linked cause kinja eats singles.