A day of reckoning for Rolex as the next generation is broke, indebted?

[askdanny]

I don't know if you've read the long article published in the WSJ yesterday, but here's the lede: "American millennials are approaching middle age in worse financial shape than every living generation ahead of them, lagging behind baby boomers and Generation X despite a decade of economic growth and falling unemployment."

They are not the biggest demographics for Rolex -- for now -- but more than half the 72 million American millennials are in their 30s. The oldest will turn 38 this year.

The article says that new data show that millennials may never catch up with the generations of Americans that preceded them. They're the most educated generation but they have less wealth, less property, lower marriage rates and fewer children, when compared to generations at similar ages. Student debts are higher than ever.

Article (May 19th): https://www.wsj.com/articles/playing...is-11558290908

Video/discussion (May 20th): https://finance.yahoo.com/video/mill...164624064.html

[pepsiretail]

If their Baby Boom parents don’t spend it all, including their inheritance which has been called the biggest generational wealth transfer in history, then many should be fine eventually.

[pkincy]

True that they aren't big into buying houses or automobiles, but they seem to be doing just fine on fine watches. And I think the house thing will change. I do not think the automobile thing will change as Uber/Lyft and self driving cars are more their style.

[BillA]

OP raises some good points, we will see what happens.

[faimag]

I presume the Asian market - which is booming - is, and will be, much more important for luxury watches.

[Amg7861]

Timing seems just right for the mellenials- In about 30 years they would have got to the top of the Rolex s/s list!


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[piratfisk]

Can someone copy/paste the article? It appears you have to be a WSJ subscriber to view the entire article.

[Cru Jones]

Yep, the elder generation has been running amok spending their money and their kids’ and grandkids’ money, but my bet is that the millennials will find a way to pass the buck further down.

[timedate]

live within your means but always aspire for more through hard work and sensible thinking,

if your income means a 20 year old toyota, then so be it,

And if and when your situation improves, still live within your means or somewhat lower.

And dont subscribe to being given a label like 'millennial' and dont blame others who have more, just get your head down and take your chances and go for it.

i waited until i was 50 for a rolex, it wouldnt have been the end of the world if i never had one, its only a watch.

[East Bay Rider]

Universities have raised their tuition rates to unreasonable levels. Students today have no real choice. Blame the administrators.

[brandrea]

Originally Posted by Cru Jones

Yep, the elder generation has been running amok spending their money and their kids’ and grandkids’ money, but my bet is that the millennials will find a way to pass the buck further down.

It does seem to work that way

[~JJ]

Hmmm, this study found the exact opposite (I’m not a millennial for what it’s worth) - https://bettermoneyhabits.bankofamer...018-final2.pdf

[askdanny]

Originally Posted by ~JJ

Hmmm, this study found the exact opposite (I’m not a millennial for what it’s worth) - https://bettermoneyhabits.bankofamer...018-final2.pdf

I think we are talking about two different things. The WSJ data doesn’t show whether the millennials are wise or foolish about money, just that they’re in worse financial shape when compared to previous generations at that point in life—and they might not catch up.