Bloomberg: Millennials Are So Bad With Money That They Are Ruining The Stock Market

Unless "YOLO" is a ticker symbol, we're all doomed.
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Sorry, brokers looking to sell Millennial clients on blue chip stocks like PG, DIS or AAPL, cuz the only thing these kids seem interested in spending money on is YOLO.

Right, Bloomberg?

Alistair Owen pours most of his paycheck into what he calls a travel-and-lifestyle fund.
“I’m not saving up to buy anything,” said the 28-year-old engineer, who shares a rented apartment with two flatmates in south London. “I prefer to go out for dinner at a nice place, pay a round at the pub or explore a new area of the world. I feel like I would be losing out on living if I chose to own stuff instead.”

Why own anything when you can rent experiences? Seems like a financially ingenious way to go about things. Oy vey.

Well, at least a handful of these ephemera-worshipping hippie weirdos can't do too much damage...

The stock market is starting to reflect [Owen's] priorities and those of his generation -- the millennials, those born between 1980 and 2000. Leisure and travel-related stocks, including pubs, airlines and pizza restaurants, have trumped retailers since consumer confidence picked up following the financial crisis. For U.S. and European indexes tracking the industries, the outperformance just reached the highest since at least 2011.

Oh. That's...troubling.

But it is in keeping with everything we've been hearing about these pain-in-the-a$$ kids for some time now. Their newfangled ideas about how owning things is a waste of time and money when they seem to assume en masse that they can just live with their parents and go zip-lining in Costa Rica on the weekends. Plus, why deal with credit card payments for iPads or ironic - yet authentically expensive - mom jeans when you're already drowning in student debt?

The latest retail sales data missed projections in the U.K., U.S., and in the euro area. U.S. chains ranging from Macy’s Inc. to Best Buy Co. reported slowing holiday sales.
In contrast, sales at companies like pub operator Greene King Plc have been strong. Low-cost airlines Ryanair Holdings Plc and EasyJet Plc have soared almost sevenfold since their crisis-era lows. Ski operator Vail Resorts Inc. is up more than 700 percent since the U.S. market bottomed in 2009. Airbnb Inc.’s $25.5 billion valuation is more than Macy’s and Best Buy’s combined. Investors will be soon be able to buy an exchange-traded fund focused on millennials, which will include companies involved in social media, e-commerce, mobile technology, healthy lifestyles, travel, leisure and the sharing economy, according to its Dec. 11 prospectus.

Let that sink in for a moment: Airbnb - which allows people to rent out their homes for strangers to have sex parties in - is worth more than Macy's and Best Buy - both of which sell stuff - combined.

Who are these Millennials throwing our entire concept out o "value" into a logic blender?

Even with some cash from selling the flat she’d bought with her now ex-husband, the last thing on Selina Mathews’s mind was getting back on the property ladder. The 30-year-old shares a London apartment with two friends and regularly dines out -- Nielsen’s data show six-in-10 millennials go out to eat at least once a week, twice the percentage of baby boomers.

Another crafting teacher/organic consultant/pilates social media planner. If any of these kids worked a day in finance, we wouldn't be dealing with sh!t like 30-year-olds plowing home equity into renting a bedroom and hitting the bars every night...

“I don’t put much of my monthly salary aside at all,” said Mathews, who works on the trading floor at an American investment bank. It’s bonus time, and she’s planning trips to the Philippines and Japan. “I’d rather rent a really nice room, explore the world, have some fun with my friends and enjoy my life rather than own a bunch of things. There’s an element of freedom in that.”

Oh dear god...it's all over.

Millennials Are Starting to Change the Stock Market [Bloomberg]

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