“Millennials are about to trigger a major ‘changeover point’ for the US economy, asset manager says”

“U.S. adults aged between 21 and 38 years old will prioritize “necessity spending” over the next decade, Bill Smead told CNBC’s “Squawk Box Europe” on Monday. It comes after a 10-year period in which the same age group has “lived off discretionary spending.”

He said this will mean young adults will soon start to move away from buying “Apple devices, craft beer and Chipotle burritos” and instead spend their savings on big-ticket items such as houses and cars…”

https://www.cnbc.com/2019/10/14/millennials-to-trigger-changeover-point-for-the-us-economy-bill-smead-says.html