Consumption Patterns of the Millenial Generational Cohort

Abraham, Rebecca and Harrington, Charles (2015) Consumption Patterns of the Millenial Generational Cohort. Modern Economy, 06 (01). pp. 51-64. ISSN 2152-7245

[thumbnail of ME_2015011311444737.pdf] Text
ME_2015011311444737.pdf - Published Version

Download (2MB)

Abstract

This study constructs a consumption profile for the Generation Y age cohort using responses to the Consumer Expenditure Survey furnished by the Bureau of Labor Statistics from the financial crisis period. This generation was theorized to employ both economic reasons, i.e. preferences for inexpensive products, and the desire to comply with the values and normative beliefs of social referent groups. For the rent or buy a home decision, the variability of income, risk of foreclosure and loss of mobility governed the consumption choice. For the purchase a new car or a used car decision, economic considerations dominated with variability of income being the sole explanatory variable for the choice. Family size and the need to conform to group norms explained the choice of bringing food from home to the workplace. Socialization opportunities and group identification explained the decision to eat lunch away from the workplace. Family size and desire for group conformity explained vacation expenditure as they did for bringing food from home. For both furniture and large appliances and small appliances, the need to conform to group norms was significant suggesting that they may be the subject of social interactions. Given that investment in a private education is often considered a luxury, the proportion of the family budget allocated to this expense was significant along with the expected need for conformity with group values.

Item Type: Article
Subjects: West Bengal Archive > Multidisciplinary
Depositing User: Unnamed user with email support@westbengalarchive.com
Date Deposited: 13 Jul 2023 04:25
Last Modified: 12 Sep 2024 04:37
URI: http://article.stmacademicwriting.com/id/eprint/1255

Actions (login required)

View Item
View Item