Early Retirement Extreme Forums

Are Millennials Different?
by Christopher Kurz, Geng Li, and Daniel J. Vine
November 2018

https://www.federalreserve.gov/econres/ ... 080pap.pdf

"In this chapter we used a variety of survey and administrative datasets to examine the
income, saving, and consumption decisions of millennials, and we compared these behaviors to
those of earlier generations. Our analysis explored some important changes over time in the
demographic composition of the U.S. population and the economic environment."

And here is the conclusion: that reaching adulthood during a recession does not fundamentally change human behavior.

Using data on household spending from the CE survey, we find little evidence that millennial households have tastes and preference for consumption that are lower than those of earlier generations, once the effects of age, income, and a wide range of demographic characteristics are taken into account. This conclusion also holds for spending on automobiles, food, and housing.

This is good news if your investment returns are linked to consumption levels in the long run, and bad news for the higher-order effects (environmental damage etc.).

Fish wrote: ↑

Sun Dec 30, 2018 11:48 am

....bad news for the higher-order effects (environmental damage etc.).

Yeah, the only redeeming feature is the population decline and plateauing around the world and technology for artificial meat is rising which will make a large C02 cut from agriculture industry, and the fact that not everyone consumes the same amount of resources as an America.