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Marketing Daily has an interview with Wendy Liebmann, CEO of WSL Strategic Retail, about how Gen Y’s spending habits are changing in the post-recession environment, noting that “it makes sense that they would be more cash-strapped than older generations, of course, with many in the 18-to-34 age group saying they don’t have enough scratch to cover the basics; 24% are in financial turmoil.”

Liebmann addressed the results of a new WSL: study on the subject, noting that “in this survey, which included upwards of 1,900 adults, they were basically recognizing that the aspirations they’ve had, the way they thought about the economic promise in life, have really been changed ... It may seem like an extreme comparison, but in the same way the Great Depression shaped people’s views about money, this generation has really undergone a big change.”

She goes on to point out that the survey revealed that “75% of women now say it’s important to get the lowest price on everything they buy, up 12 percentage points from 2008, and 22 percentage points from 2004.”

One other fascinating result from the study: “That so many people earning $150,000 think of themselves as struggling. About 30% of Americans in the $100-150,000 household income bracket claim they can only afford the basics. They don’t feel affluent; they now see themselves as middle-income.  Given that the median income is something like $46,000, that’s saying something. Brands and retailers can’t ignore this.”
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