With the holiday season here and almost past us, it is nice to see that spending has not decreased a whole lot from last year. It was also nice to see that spending on Black Friday increased by 3% from last year.
With that being said, who is spending the money? Over the last couple weeks I have been out shopping, at the movies, at the hot spots (Starbucks, bars, etc), and just enjoying life while I have the chance. And who else do I see out? The Generation Y’ers that everyone is complaining about (read The Trophy Kids Go To Work). More and more I’ve noticed the young professionals and college students are the ones spending money, buying things, going to restaurants, and having a good time.
Now this could either be stupid or a good thing. It could be a bad move on our side because we are spending money like we are not in a recession and not worrying about anything. However, I hope that is not true. I imagine that the majority of young working professionals are mindful of the economy and the current situation, and realize that they could be the next to go from their job. So, they may be cutting back, but they are not stopping.
Yet, all of us (Generation Y peeeps) going out and spending money is helping to keep people in business, keeping people employeed, and putting food on someone elses table to keep their families together.
Just a quick rant today, I’m interested in hearing some thoughts on this. Is the Generation Y keeping parts of the economy afloat? What industry is next to plead for a bailout? The restaurant industry? Entertainment? Anything could go at any time if everyone just stopped spending money, which would be an absolutely horrible thing.
So, I encourage you to continue spending, enjoying your life, but just be mindful of the situation, and maybe stuff a little extra into the ‘rainy day fund’ or the ‘when the economy gets worse’ fund; whichever way you want to look at it.
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