Has the Recession Split Gen Y?

I read an interesting article today about how the recession has effected the Millennial generation. Here is the point that got me thinking about tomorrow’s brides,

Based on our research it is clear that younger Millennials (age 18-26) have been hit significantly harder by the effects of the recession than older Millennials (27-35). Fully 64% of the older group admit that those coming of age now have it worse than they did. Thus, it is no surprise that younger Millennials are more considered consumers, 69% report trying to cut spending on what they don’t need.
Though all Millennials were affected in some way by the recession, younger Millennials, compared to older Millennials at the same life stage, have been more substantively…

With the average age of today’s bride 29 and rising it looks like we have a couple of more years before the younger (and least economically healthy) sub-group of Millenials start getting engaged. That bodes well for the continuing slow recovery of the wedding industry. Budgets are loosening a little and the occasional splurge is now being made.

How will tomorrow’s bride be different?

My question is, what happens in 2-3 years when we hit this new group of highly educated, under-employed couples that are already deeply in debt with student loans?

Tomorrow’s bride may have become so used to corner-cutting, deal-cutting and scrimping that she will expect their wedding to be that way too. Even though you may think today’s brides are only out to cut a deal, I have a funny feeling that this is a walk in the park compared to what’s to come.

That is, if they have a wedding at all.

With statistics like this, how many couples are even going to consider a big spend like a wedding.

Since 2010, the share of young Millennials ages 18 to 24 currently employed (54%) has been its lowest since the government began collecting data in 1948. And the gap in employment between the young and all working-age adults—roughly 15 percentage points—is the widest in recorded history.

Unless our economy gets moving and employment picks up, we may be in for some rocky years. To quote Stanley Tucci’s character in “The Devil Wears Prada”

Alright everyone. Gird your loins!

Nigel

  • http://www.facebook.com/profile.php?id=507675690 facebook-507675690

    This upcoming marrying generation will still have to pay current market prices for their weddings, the same way they will pay for their homes and automobiles.

    To host a significant life event has always been pricey and money has had to be saved for in advance, but to mark a milestone is still a big deal. There will always be a segment of society that will still marry and celebrate with their friends and family. We don’t do things much differently than our parents or grandparents did before us.

    There will also be a large number of baby boomers retiring and jobs will be freed up for the Millennial generation in the near future so as they approach the age of “settling down” they will do it in much the same way we have.