March 05, 2009

"Trading down"

"For Generation Y [those born after 1978], the crisis has hit harder than September 11. This is the first financial trauma of their lives, and they have been led to believe that access to capital and spending is limitless. Many of them are just completely over their heads. They have no idea of budgeting."

- Paco Underhill in "The Shopper of Tomorrow: Trading Down"

1 comment:

Anonymous said...

True. New kids, the iPhone generation has no financial/saving skills at all. Spend more, buy more, that's what makes them happy.