Gen Y shells out $48bn-a-year on five 'hedonistic pursuits'

Melbourne, June 26 : They're young, in sync with latest fashion trends, love partying - and in order to make sure that their "hedonistic pursuits" are fulfilled, the Generation Y shells out 48 billion a year, says a new research.

The research has focused entirely on young Australians' spending habits, which revolve around five "lifestyle pillars", according to Lifelounge Urban Market Research (UMR).

These pillars are entertainment (on which Gen Y spends around 151 Australian dollars per week), fashion (55 Australian dollars per week), sport (25 Australian dollars per week), travel (24 Australian dollars per week) and music (11 Australian dollars per week).

Overall spending across the five areas remained strong in 2008, but Lifelounge UMR CEO Dion Appel says Gen Y's tastes have changed in the last 12 months.

Travel expenditure almost halved since last year's survey, music outlay continued to fall on the back of illegal downloading and the typically female domain of fashion received a financial injection from men.

Having fun is a priority, but settling down with a mortgage is not. Just 13 per cent of the 3291 16 to 30-year-olds surveyed were first homeowners.

"Generation Y tend to defer commitment and responsibilities and family life until they're a little older, a little more established," News.com.au quoted Appel, as saying.

"Whereas previous generations were getting married a lot younger and just had different priorities, more than 50 per cent of 16 to 30-year-olds are still living at home.

"That gives them more time to look after themselves ... and more time to have a little bit of a louder voice in the market place," Appel added.

ANI