The cost of living is high (and a leading cause of anxiety in the U.K., according to our AnxietyIndex data) and money is tight, real estate sales are lower than ever, sellers are reluctant to move, and home loans hard to come by. There has never been a harder time for first-time buyers in the U.K. So what’s the result?
Life Livers: A generation has emerged that has completely given up on the idea of buying until much later in life. There in no graspable reason to save anymore, so we’re seeing an attitude shift that is inadvertently encouraging the idea of not worrying about saving but just renting (or living with the parents) and enjoying your 20s and 30s: go on more holidays and keep on partying, buying more clothes and tech, and worry about the rest later. (For instance, a third of young adults surveyed by house-builder Taylor Wimpey said they would not give up going on holiday while saving for a down payment.)
I predict a big shift in 10-15 years when this generation is still renting and the realization kicks in. How can brands both capture this spending and help these consumers plan for the future?
Photo Credit: cincyproject