Global: Millennials – different burdens to bare
Millennials are a diverse bunch that share as many differences as they do similarities. Where comparisons are useful is in determining how this generation will drive future demand. After all, their contribution is largely baked into the demographic cake. We find that while US millennials will continue to enjoy real income gains, the liabilities they’re on the hook for, combined with the damage inflicted upon them by the financial crisis, mean their contribution to demand won’t match earlier generations. Chinese millennials fortunes look far rosier and due to sheer numbers mean they will drive an increasing share of global demand. And there isn’t much the US can do about that.