Affluence in America: The Next Generation
Which millennials are already luxury consumers, and which ones will be living large in the next decade?
December 10th, 2012 | 28 pages, Power Point slides
By Emma Johnson
28 pages, Power Point slides
A conventional image forming for young adults under age 35, known as Gen Y, is that they are up to their ears in student debt, either unemployed or working at a job that doesn't use their expensive college degree, and delaying both marriage and owning a home thanks to the tough economic hand they've been dealt. However, there is one subset more likely to rise above this bleak portrait: those in households making more than $100,000 a year in annual income.
This report was created with strategic partner Digitas, which relied on data from the Mendelsohn Affluent Survey. Identified are five segments of affluent Gen Y households, two who are still living with their parents and accessing their assets, and three that have established their own households. Those still living at home spend far more than they make, while the heads of households are more frugal now, but are more likely to be true luxury consumers in over the next decade and beyond.
This report examines spending patterns, careers paths, media use and outlooks and attitudes.
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