Ah, millennials. In some circles, we’re known as the generation that wants a trophy just for showing up. The youngsters who expect work without reward. The narcissists who want to move back in with mom and dad because we’re just too lazy and expectant to actually find a job. The brats who are so hopelessly dependent on gadgets that we eschew real human interaction.
But look beyond the stereotypes, with the eyes of a marketing genius, and you’ll see a generation that wants so much more: specifically, a $5,000 traveling martini satchel from Tumi and a nice camouflage Prada backpack.
Or at least, that’s what banks and trendwatchers expect will become the hot new consumer phenomenon, according to Bloomberg BusinessWeek. HSBC is forecasting that the new lucrative target demographic for consumer products will be Young Urban Males – or Yummies as HSBC calls them.
Not surprisingly, given their awkward label, Yummies seem a bit insecure.
Young dandies want to flash blue-chip brands as soon as they can afford them, while older consumers closer to the top of the socioeconomic pyramid don’t have as much to prove. The silver-backed master of the universe is secure in his Speedo swimsuit and skin-tight driving gloves; he doesn’t need a camouflage backpack from Prada ($980) to make his mark on the world.
This future luxury spending spree by millennial men would come as quite the surprise, given existing stereotypes. Where are millennials – any millennials – getting all this money? We’re the generation that moved back home after college rather than making our way in the world. It may appear silly to talk about an economic “menaissance” right now, especially among the young. The economic prospects of millennials are basically a shambles as it is, and the Great Recession hit male-dominated industries the hardest.
Keep reading: http://www.theguardian.com/money/us-money-blog/2014/apr/20/millennial-urban-young-marketing-profile-graduate