Gen Y set to save Christmas

NATIONAL: Generation Y is reportedly surviving the global financial crisis unscathed, with a new study indicating they plan to spend more this Christmas than last year. A survey conducted by research firm Galaxy showed 37 per cent of consumers aged between 18 to 24 years would spend an average of $245 on their partners, $264 on a child, $65 on a friend and $220 on themselves. Over half of the respondents said they planned to pay for the purchases in cash.

The survey, conducted using responses from 1052 Australians for national bank ING Direct, found other Australians would spend $189 on their partners, $196 on a child, $35 on a friend and $107 on themselves. ING Direct executive director Lisa Claes said Generation Y was powering on through the economic crisis. "Gen Y have had a pretty smooth run in terms of optimism in the economy and employment cycles in the world," Claes said.

"They are awash with cash because of their good jobs, their good salaries.". Sat Nov 2008 10:11 (1 month, 2 weeks ago)
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