In terms of retail, you are seeing more craft retailers like Michaels, Zara, and Target. You are seeing craft-focused brands taking over. And I think this year you can see some really unique products that have never been seen before, like an old-school hat that’s been sitting over an iron for a century.
Another great example in consumer goods is the fashion category we call “Fashionable.” It’s becoming more casual and more trendy. We are seeing people walking around with designer clothes in their pockets in New York City. So you are seeing more young people wearing designer clothes as a fashion statement. That’s a good thing.
That’s one way to look at it. The other way to look at it is people are being lured into it by companies that are trying to push their brands. And that’s a different thing. People are spending a lot of money in general in consumer goods, in retail. If you’re not willing to pay for something as expensive as a Chanel trench coat, then the retailers don’t want you.
When you ask how millennials are spending more, you often hear about clothes. What’s up with those?
People are buying so much jewelry right now, and that has gotten a little bit more expensive, too, which is just a reflection of the higher frequency of spending. Even though millennials are spending so much of their income on consumer goods, we’re also seeing more and more of them buying more durable things, like furniture, and taking up more space. So now they are even moving into larger spaces, like their parents had 20 years ago. So it’s not as much about clothes anymore. But it’s about how they value their possessions. How much does a $1.99 piece of furniture value to you? Does it count as a meaningful part of your life?
What do millennials see in 2020?
We’re seeing more and more of people of different races, genders, countries, and nationalities interacting.
For example, I live in Chicago. The next time someone asks, “What are millennials doing in Chicago?” I will tell them I got into a fight and had to leave town for a week and I don’t really have a job there anymore. It’s more like, “We have this thing called ‘Gotham’ on the air. We don’t have a lot of jobs.” That’s not just my experience. It’s also an example of a lot of people in Chicago have had good
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