Members of the Millennial generation don’t spend money the same way their parents did. They aren’t buying cars and houses at the same level of previous generations, and according to a recent article from The Atlantic titled “The Cheapest Generation,” it might be more than an effect of a bad economy.
According to the report, the percentage of adults between the ages of 21 and 34 buying new cars has decreased in recent decades, and the share of young people getting their first mortgage between 2009 and 2011 was half of what it was 10 years ago.
The article posed the question, what if this is part of a permanent generational shift in tastes and spending habits? Perhaps a “perfect storm” of economic and demographic factors has changed the game.
“The largest generation in American history might never spend as lavishly as its parents did — nor on the same things. Since the end of World War II, new cars and suburban houses have powered the world’s largest economy and propelled our most impressive recoveries. Millennials may have lost interest in both,” the article states.
Low pay, low savings and student debt are some of the factors that make it all the more difficult for Millennials seeking a mortgage or car loan. Also, young people are less interested in traditional suburbs and more interested in urban areas or denser suburbs where houses and the need for a car are smaller.
Click here to read the full article. at http://theatln.tc/1n8w6Vk
So what does this mean for horticulture? Industry members weigh in:
-Joseph Tychonievich, horticulturist and author
-Jared Barnes, assistant professor of horticulture at Stephen F. Austin State University, Nacogdoches, Texas
-Kristine Lonergan, director of sales and marketing, Garden State Growers, Pittstown, N.J.