Lives devoted to pure pleasure
By GREER McDONALD - The Dominion Post | Saturday, 28 June 2008
Marriage, house and babies? No thanks. Generation Y “party animals” would rather splurge money on five “lifestyle pillars” in pursuit of the good life and in an attempt to dodge traditional commitments, research shows.
A study by Lifelounge Urban Market Research revealed that Generation Y in Australia - those aged 16 to 28 - blow more than A$48 million (NZ$60 million) on the hedonistic pursuits of entertainment, fashion, sport, travel and music.
Lifelounge UMR chief executive Dion Appel said the generation’s focus was on obtaining material items such big-screen colour televisions, technology and “having the experiences all on tap”.
“Whereas previous generations were getting married a lot younger and just had different priorities, more than 50 per cent of 16 to 30-year-olds are still living at home.”
The report showed that in a week, younger Australians spend about $150 on entertainment, $55 on fashion and $25 on sport. It is a trend that is reflected in New Zealand, according to a Colmar Brunton report commissioned by AMP last year, which confirmed the stereotype that Generation Y were “party animals”.
They expressed their rebellious ways through spending more time outside work hours socialising and dedicating a disproportionate amount of their disposable income to it, the report said.
Generation Y’er Hugh Giddens, 26, of Wellington, said the spending habits of his generation were a direct response to young people entering “the boring bit of life” with tens of thousands of debt in the form of student loans.
“I don’t feel like we should have to live up to the expectation of another generation,” he said.
Mr Giddens, a software developer, said he had no long term savings plan, enjoyed splashing out on gadgets and often used hire purchase to buy them.
He said he “almost certainly” would buy an Apple iPhone when they were available, to add to his gadget collection of a PlayStation, Wii, Xbox, 42-inch LCD TV and three computers.
Home ownership was not a young person’s game in New Zealand, he said. “I will need to be more financially secure and without a student loan.”
Veda Advantage, a credit reporting agency, said Generation Y members were “financially immature” and missed payments on credit card purchases.
Director John Roberts said that in 2007, credit-hungry 18 to 27-year-olds were responsible for about a third of all defaults lodged by the agency.