Generation Y (those aged about 13 to 28) are more interested in entertainment and technology than suburbia and mortgages, says Dion Appel of Melbourne based Lifelounge Urban Market Research, whose research shows the Ys would rather pursue a hedonistic lifestyle as opposed to “settling down”.
“We came out with a figure of $A48 billion per year being spent on hedonistic pursuits.” Appel says youth consumption is focused around what he dubs the “five lifestyle pillars:” entertainment ($151 per week), fashion ($55 p/w), sport ($25 p/w), travel ($24 p/w) and music ($11 p/w).
I’m not sure if this isn’t really commonsense though… I don’t know too many people under 25 who would ordinarily be contemplating taking out a mortgage anyway… even if they had the resources, and rising interest rates weren’t against them.
