What Does Generation Y Spend Money On
Generation Y - or Millennials- get a bad rap well-nigh beingness fickle and spendthrifts but is that actually the case?
In China, more under-30 year-olds are lashing out on the finer things, rather than saving, according to Oliver Rust from Nielsen China.
"The older generation has been focussed, in the by (on)... the family. The "we civilization". Nosotros're starting to see now an "I" culture that's coming through and I recall that's the big difference."
"Every bit a effect of that you're seeing certainly a quality of life attribute certainly dramatically changing their way of life and how that impacts their spending, then seeing a dramatic increment overseas travel, going in holidays, increment in durables, dining out," Mr Rust said.
So is it the aforementioned in Australia? Del Irani from #TalkAboutIt investigates what Gen Y are spending their hard earned greenbacks on.
1. HOUSE
The dream of owning your own home is a lofty ambition for many Gen Y's.
Just 48 per cent of 25 - 34 year-olds own a home, down from more than 60 pct in the 1980s, according to Australian think tank, Grattan Constitute.
One in four households rent and for longer periods said Paul Donegan co-author of City Limits: why Australia'south cities are cleaved and how nosotros can fix them.
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"The affordability of housing, the location, which people can alive and it'south somewhat narrower than it was five years ago."
"If yous wait at the proportion of the income you lot needed to have purchased a home in the 1980s it was maybe ii and a half the amount of your almanac income, today it is more similar five (times the amount)." Mr Donegan said.
But Gen Y is thinking outside the box to have information technology all.
Sam Finch shares a mortgage with a friend on a habitation in Melbourne's inner south; "Initially I wasn't looking to co-buy, it only happened accidentally.
"I went with a friend Christina to a holding release, both looking individually, and then the host presumed we were a couple and looking to purchase together.
"We didn't desire to be limited in terms of our lifestyles following an investment, nosotros nevertheless wanted the opportunity to travel, live overseas, those sorts of things," said 29-year-old Sam Finch.
2. Food
Generation Y spends double the amount on gourmet food than other generations.
21 year-onetime Alicia Barker, a RMIT student who has a part-time job and lives at abode with her parents, tracked her spend over a week.
"I tin definitely see that my biggest spending vice is ownership food out, I spent $77 for the calendar week or about $11 a twenty-four hour period on nutrient, which is but crazy."
Just it'south Generation X, born between the early 60s and 1980, who has the largest disposable income and spend the most on food bills, co-ordinate to the 2014Foodie Nation Report.
3. TRAVEL
It'south no undercover that Australians are large travellers.
More people are choosing to head overseas, 468,000 more people travelled away in 2014 compared with 2013, according to the latest Tourism Inquiry Commonwealth of australia statistics.
Australians are spending more money on holidays and to visit friends and family than on the previous year.
Only co-ordinate to Roy Morgan Research, Generation Y are the biggest overseas travellers.
In 2014 almost 27 per cent of Generation Y had been on at least one trip away, ahead of baby boomers and Gen 10.
4. Dress
Whether information technology be the latest fashions or second-hand gems, millennials similar a good shop.
According to MacroPlan Dimasi, Generation Y is projected to spend the most on retail by 2021, representing 30 per cent of the country'south spend, followed closely by Infant Boomers and GenerationX.
They'll continue to take the lead until 2031, with Generation Z and Generation Ten close behind.
During the week of logging her spend for #TalkAboutIt Alicia Barker bought a dress online, "it was second-mitt and so I really got information technology for $30, and then it wasn't bad."
According to the founder of Buy Zippo New Month, Tamara DiMattina, you can relieve a lot of money on clothes by buying them second-mitt.
"Second-manus is not 2nd best."
"I have an astonishing quality of life because I practise salvage money, I'1000 non on that consumer treadmill all the time."
5. WEDDINGS
Tying the knot is another big cash cow - on average Australians are spending $36,200 on their large twenty-four hour period, according to ASIC.
Wedding ceremony planner and event manager Sara Walsh has bundled weddings for 11 to 800 guests.
"I probably have about 30 per cent that would come to me and say I don't have a upkeep at all.
"I'd accept others that have an unrealistic expectation of a budget and they would blow it completely out of the water one time they realise how much things really price," Ms Walsh said.
With more couples paying for their own weddings, Ms Walsh advises couples to set realistic expectations and rationalise what is important to them, whether it is flowers, a car or food.
"Be realistic firstly about your guest list. If y'all think you're going to take 100 guests, write down the names, the number yous're going to get, considering your reception is going to set your budget for the remainder of the planning."
But Ms Walsh said it's not just the happy couple, the guests are ofttimes striking with the costs; flights, accommodation and coin for the 'wishing well'.
six. Charity
Australians are generous, they rank sixth in the world for giving, according Charities Aid Foundation.
But information technology's Generation Y who donate regularly to clemency, with i in five handing their money to worthy causes, according to a recent survey.
"I recall there'due south certainly a groundswell and there'south certainly a strong social responsibility and a potent social conscience of Gen Y", said Peter Baines founder of Hands Across the Water charity.
Simply Mr Baines said Gen Y is more than willing to get involved and learn about where their money is going.
According to the Generation We Not Me Report, 2014, institute Gen Y volunteered 16 million hours per calendar month, valued at $260 million each month.
"Information technology just makes sense, if you have a good feel with something, if yous enjoy it well you are probable to do it again and you are likely to requite more."
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Source: https://www.abc.net.au/news/2015-04-02/things-gen-y-spend-money-on/6369172
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