Young Americans’ shopping spree is over.
In-store and online purchases for 18- to 24-year-olds fell 13% year-over-year between January and April, according to market research firm Circana. Spending by older groups is still on the rise but has slowed.
A combination of economic challenges is driving the decline. Young grads are having a much tougher time finding jobs. Student-loan payments are restarting for millions of borrowers. Over roughly the past year, credit-card delinquency rates have risen to their highest points since before the pandemic, and are highest for those 18 to 29, according to the New York Federal Reserve.
Tsk. Kids today. There’s always work in the coal mines for anyone that wants.
