Notwithstanding their collective $200 billion in spending power, and an awesome ability to drive cultural and fashion trends, millennials are not feeling flush these days. Those not drowning financially are often treading water at best, according to surveys like the one released last month by WSL/Strategic Retail, a consulting firm that tracks shopping and retail trends.
Millennials now represent “the highest percentage of Americans lacking enough money to meet their basic needs,” outdistancing Gen X-ers and baby boomers in that dubious regard, according to the survey.
Burdened by $1 trillion in college debt, millennials seek the lowest price on most of their purchased items (80 percent say), shop for lower-priced brands whenever possible (60 percent), and do much of their bargain hunting online (57 percent), the WSL survey found.
Call them Generation Groupon. And with thousands more collecting their college diplomas this spring, ever more of them are sailing into young adulthood, ready or not.
Saturday, June 2, 2012
Generation Broke
Boston Globe
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