About 28% of the US youth are dissatisfied with their current spending power. But a quarter is satisfied with it. Dutch, German and Danish Millennials seem to be most pleased with their spending power. In China and Brazil the situation is poignant. Half the Brazilian and about 67% of the Chinese youth are dissatisfied. In Europe the worst scores are obtained by France (48% dissatisfied), Romania (43%) and the Mediterranean countries (4 out of 10 dissatisfied). So is revealed by a global InSites Consulting youth study in 16 countries. The biggest chunk of US youngsters’ budget goes to buying media, games and music (12% of their budget), hobbies (12%) and technology (mobile phone, laptop, internet) (12%). But their car (11%), going out (11%) and housing (11%) also take a considerate share. The USA youth therefore seem to have little money left for sports and art & culture, options they spend respectively 5% and 4% on.
When comparing the international Millennials’ spending we noticed some major differences. Housing takes a much larger share in the youth’s expenses in India (16%) and Denmark (17%) than in Germany for example (only 7%). In the USA car bills take up 11% whereas in cycle-friendly countries such as the Netherlands and Denmark this is only 4%. Going out is popular with the Spanish youth who spend about 16% of their budget on it, versus only 7% for the Chinese and Indian youth. Media expenditure (games, music etc.) are the highest for America (12% of the budget) and the lowest in Brazil (6%) and Russia (5%).
More than 6 out of 10 US youngsters claim to be more interested in enriching experiences rather than to be rich. Only 13% does not agree with that. Indian youngsters (72%) are most keen on fun experiences. Nonetheless 4 out of 10 in the USA think that their possessions disclose a lot about what they have achieved in life. In the Netherlands (29%) and Sweden (30%) this is less. Youngsters in BRIC countries and Romania are even more materialistic, since more than half of them consider possessions to be as important as realisations. Half of the American 15 to 25 year olds want to make enough money to retire or live of their own means as quickly as possible. In Brazil and China this is even more than 6 out of 10.
GenY is known as the and-and generation. They want to experience nice things but also make a lot of money and the one does not stand in the way of the other, or so they think.