Despite the fact that Millennials have the highest rate of unemployment of any generation and are deeply in debt, they still use a big chunk of whatever money they have on discretionary and even luxury spending. According to one marketing agency, the average Millennial spends $784 a month on discretionary expenses like entertainment and eating out. According to American Express, they are the largest demographic for new purchases of technological gadgets and fashion apparel (up by 33%). They’re even increasing their purchases of jewelry (up by 27%). In part, Millennials’ parents are subsidizing their lifestyles. Over half of them cover… Read More
Categories: Blog, Recession Economy