My father-in-law (81), who I love deeply, has many of these ideas of youth who are profligate spenders and not saving for or thinking of the future. Of course, he came from a time when you could work a summer job at the mill to save enough money for university and a car. The only way you can do that now is by being the originator of a crypto scam.
I’m not that old, and yet… my kids (in their 30s) are endlessly, it seems, flying off to Vegas or the Dominican Republic for destination weddings and bachelorette parties. Daughter and boyfriend getting married next year at all-inclusive in Mexico. My mind boggles at the cost for them and all their guests (including my cost!). I’m gen-x. Never imagined that doing such a thing would be an option. Something’s changed. I don’t think it’s people. I suppose it’s availability and expectations. What’s driven this change? Are we back to discussing marketing and capitalist economics?
Yes, older people such as silent gen and boomers, don’t seem to realize that they were the last generation that had pensions. They simply don’t understand how difficultly different today is.
They’re usually the ones crying, “no one wants to work” thinking the wages of 40 or 50 years ago will keep folks out of poverty today.
I think David that you are giving too much credit to marketers (I am one of them, full disclosure). Western / capitalist societies are built on the premise of the marketplace and consumption. The shift from spending money in restaurants to go after non-staple grocery items (or maybe organic stuff), points to a societal change in terms of going out vs. staying home, for example. The underlying concept (consumption) remains the same.
Maybe the “splurge” is buying better quality food to cook and enjoy at home with friends rather than going out to increasingly expensive restaurants. My millennial children are getting into home cooking in ways that their boomer dad never thought of. Maybe too this is one more offshoot of the recent Pandemic …. Staying home and enjoying life in a smaller bubble.
Both column and comments make me urge everybody to read economist Robert Frank, of Cornell. Dr. Frank specializes in the study of consumption, like his "Luxury Fever" book. The absolutely key thing is that if the most minimal needs for food/clothing/shelter are met, the rest of spending is about social status.
The entire fashion industry is built on that - everything except sweats, khaki, and t-shirts, as the pandemic proved. The avocado breakfasts are because your friends are there. The destination weddings are because your friends are there.
SUVs, Taylor Swift tix, "being in the place it happens" ... all about status. Evs conferred status - and the more money spent, the more status, as with housing.
And Gen Z are ***NOT*** "poor". They are income-inequal to a new degree. Yes, 20-somethings are sharing tiny townhouses; but Yes, 20-somethings also getting nice single-family-detached, courtesy of the Bank of Mom and Dad.
"whose job it is to make us want Red Bull and other ‘splurge’ items"...Bunk, David. Your political ideologies dismiss the notion of individual decisions, self-control and personal responsibility. Centralized give-away thinking and resultant government over-spending is what produced the declines in life standards and skyrocketing prices.
Recognize that individuals have both individual responsibility AND control and are solely accountable for their decision the buy just 1 Red Bull for the weekend.
This was my take too from the headline. There's more in what's left unsaid - if we're choosing to splurge on groceries (essential commodity), we're no longer splurging on what we used to for pleasure (clothes / shoes / dining out etc). In times like these we can justify spending a little more on something that will at least feed us and not feel guilt.
My father-in-law (81), who I love deeply, has many of these ideas of youth who are profligate spenders and not saving for or thinking of the future. Of course, he came from a time when you could work a summer job at the mill to save enough money for university and a car. The only way you can do that now is by being the originator of a crypto scam.
I’m not that old, and yet… my kids (in their 30s) are endlessly, it seems, flying off to Vegas or the Dominican Republic for destination weddings and bachelorette parties. Daughter and boyfriend getting married next year at all-inclusive in Mexico. My mind boggles at the cost for them and all their guests (including my cost!). I’m gen-x. Never imagined that doing such a thing would be an option. Something’s changed. I don’t think it’s people. I suppose it’s availability and expectations. What’s driven this change? Are we back to discussing marketing and capitalist economics?
Yes, older people such as silent gen and boomers, don’t seem to realize that they were the last generation that had pensions. They simply don’t understand how difficultly different today is.
They’re usually the ones crying, “no one wants to work” thinking the wages of 40 or 50 years ago will keep folks out of poverty today.
I think David that you are giving too much credit to marketers (I am one of them, full disclosure). Western / capitalist societies are built on the premise of the marketplace and consumption. The shift from spending money in restaurants to go after non-staple grocery items (or maybe organic stuff), points to a societal change in terms of going out vs. staying home, for example. The underlying concept (consumption) remains the same.
Well said! For once I’m glad Gen X is being ignored.
Maybe the “splurge” is buying better quality food to cook and enjoy at home with friends rather than going out to increasingly expensive restaurants. My millennial children are getting into home cooking in ways that their boomer dad never thought of. Maybe too this is one more offshoot of the recent Pandemic …. Staying home and enjoying life in a smaller bubble.
Both column and comments make me urge everybody to read economist Robert Frank, of Cornell. Dr. Frank specializes in the study of consumption, like his "Luxury Fever" book. The absolutely key thing is that if the most minimal needs for food/clothing/shelter are met, the rest of spending is about social status.
The entire fashion industry is built on that - everything except sweats, khaki, and t-shirts, as the pandemic proved. The avocado breakfasts are because your friends are there. The destination weddings are because your friends are there.
SUVs, Taylor Swift tix, "being in the place it happens" ... all about status. Evs conferred status - and the more money spent, the more status, as with housing.
And Gen Z are ***NOT*** "poor". They are income-inequal to a new degree. Yes, 20-somethings are sharing tiny townhouses; but Yes, 20-somethings also getting nice single-family-detached, courtesy of the Bank of Mom and Dad.
"whose job it is to make us want Red Bull and other ‘splurge’ items"...Bunk, David. Your political ideologies dismiss the notion of individual decisions, self-control and personal responsibility. Centralized give-away thinking and resultant government over-spending is what produced the declines in life standards and skyrocketing prices.
Recognize that individuals have both individual responsibility AND control and are solely accountable for their decision the buy just 1 Red Bull for the weekend.
That's veering close to Libertarian thinking, not for me, you can have it.
I accept your opinion...regardless of my opinion of it. :-)
This was my take too from the headline. There's more in what's left unsaid - if we're choosing to splurge on groceries (essential commodity), we're no longer splurging on what we used to for pleasure (clothes / shoes / dining out etc). In times like these we can justify spending a little more on something that will at least feed us and not feel guilt.