Question

1. Do you feel millennials will trigger the changeover point in the economy based on there spending patterns? 2. Based on the current state of the economy and the threat of recession, have you begun to change your spending patterns?

Answer 1

1. The question is subjective. I believe that millennials cannot trigger the changeover point in the economy because the majority spending is not by them. The major portion of the spending does not lie in their hands. They do not have a viable source of income and hence depend on a person, a parent in most cases. The do not make big purchases like houses, cars et cetera. So they do not have a determining hand in the economy. Their purchases can cause only minor changes in the economy. Another fact is that millennials hardly save. All the money at their disposal is spent. This benefits the economy as savings hinder economic growth, even though it is beneficial for an individual.

2. Again the answer is subjective. My spending depends on the income I receive. It changes with the income I receive. So the recession can have an adverse effect on my income and it can cause a change in spending patterns. But vice-versa is not likely to happen.