Gen Y are the big spenders

As many consumers tighten the purse strings due to soaring costs, 18-24 year olds are still thrifty with their spending, according to research by The Leading Edge consultancy.

The Leading Edge Trend Index results from July indicates that consumers aged 18-24 years, ‘Gen Y’, have increased their spending on going out, eating out and personal technology items compared with the overall trend, which showed the general public reducing their excursions and increasing their home entertainment.
 
“If we break it down even further we’ll notice more startling trends,” says Karen Phillips, Sydney CEO of The Leading Edge. “When asked why people were spending more time at home, lack of money and petrol prices got the highest mentions.”
 
Phillips theorised that because many Gen Y-ers still lived at home, they could maintain their disposable income. “It’s not surprising they are less affected by an economic downturn in comparison to home owners and young families.”

She added that smart businesses will target the market with the spending increases.