Millennials are a new breed of consumer in America. Due to many contributions over the past decade or so, the culture of young Americans has finally started to show its effects on our economy.
This day in age it seems that young Americans are greatly influenced by the Internet culture, and with that the expectation of instant gratification. This effects their needs for instant information, flash fashion and trends, constant connection with their network of friends, and the need to be free from any ties holding them down. What does this translate to? Well it would seem that Millennials want this freedom they have come to feel entitled to. They want food on the go, the newest trend in fashion every month, and the ability to move whenever their heart desires.
This new culture results in a responsible-free lifestyle. Which means Millennials are not investing in homes, getting married and settling down at the ages we have seen historically. Instead, these young Americans are renting or living with parents. Most Millennials do not save enough of their income to buy a home, but even the ones that do have not shown a lot of interested in long-term investments and commitments. With the number of young adults living with their parents increasing in 2015, the result has been a decline in marriage (although this was already a trend before the recession).
The recession plays a part in all this as well by making all Americans a little more cautious and nervous about the housing market and their countries economy. This is also a factor for young adults fearing buying a first home and taking on the commitment.
Overall, it seems that Millennials are happy with the lifestyle they have created. They like the ability to move around and figure out their careers long before marriage and a home. It will be interesting to see where this trend takes the economy in the future. Whether Millennials settle-down later or don’t buy into the long-term haul at all, America’s culture is changing. The question on if it’s for better or worse is subjective, and seems to be generationally based.
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