Quote:
Originally Posted by blankall
The idea that small amounts of discretionary spending on things like coffees and craft beers is new is total garbage. If anything, it's much harder these days to get the necessary traffic to maintain a small bar or restaurant.
What Millenials are doing less of is making major purchases like cars and houses. It's pretty baffling that people spend so much energy jumping down Millenials throats for spending $100/month on a few extra luxury items like coffees, but totally ignore the fact that many are not spending $800/month on a new car (payments, insurance, gas, repairs).
IMO we avoided recession by kicking the can down the road with low interest rates.
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I have nothing to back this up but anecdotal evidence, so I may very well be wrong, but it seems that millennials are more into monthly car payments than ever. Almost everyone I know has a new or new-ish vehicle leased or financed at $250 minimum a month, and that's before insurance, gas etc. It's almost become standard to build car payments into one's life.
And the lack of house buying is due to the lack of ability to buy houses.