An article in today’s SMH deals with Generation Y and their spending patterns and the crisis of housing affordability.
The article is quoting a report called State of the Nation, published by Roy Morgan research, and is based on a decade of interviews.
From the article:
“… there are few hints of a counter-culture among today’s young adults. More than half of the under-30s agree with the statement “I enjoy clothes shopping,” and more than a quarter agree with the statement “I was born to shop”. Almost as many would eat out every night, if they could afford it. Not surprisingly, they are much more likely than their elders to go to the cinema, eat out, go to a nightclub, buy fast food, go to a pub or even visit a music store. They like to spend their money on travel and technology, particularly mobile phones, which will come as no surprise to anyone, especially the phone companies, which are making lots of money out of them. The Morgan research finds that 91 per cent of the under-30s have mobile phones (perhaps the more surprising finding is that 9 per cent of them do not) and that they spend $54 a month on them, compared with $45 for 30- to 44-year-olds. They also like to buy computers, and plasma and LCD televisions. And travel.”
You can read the full article here: