From Urban Land on a new report: “Affluence in America: The Next Generation”
“Gen Y is starting to enter the wealth-accumulation phase, and companies that are struggling should look ahead,” says Jason Dorsey, chief strategy officer of the Center for Generational Kinetics, a research and consulting firm. “As boomers move on, they’ll be spending less, but gen Y is just getting started.”
… a large portion of big-spending gen Yers still live in their parents’ home. Members of this subset spend two to four times their own income. “It’s important not to count out this generation based on their personal income,” says George Scribner, senior vice president of account planning at Digitas. “Many of the younger affluent gen Y are grafting their parents’ income onto their own.”
More here.
