Wednesday, March 19, 2008

Is This So-Called “Recession” Affecting Gen-Y

You can’t talk to a business, watch the tv or enter into a conversation with anyone that has stock in real estate and not hear about this “recession.” Working in the advertisement business, I am seeing first hand the spending cuts that are going on. Being in the tech world I am seeing the free spending going on ($850 million for Bebo?).

But what about the kids in college, the Gen-Y workers and well, the general public (let’s say younger, spend happy Americans)?

Some observations:

Friday night in downtown Orlando is not short of patrons, who are willing to shell out $10 to walk into the door of a bar, drop another $10 on 2 bottles of Miller Lite and buy a round of shots for $50.

I have been to the movies quite a few times in the last 2 months and apparently so have a lot of teens (StepUp 2 The Streets), millennials (Jumper + SemiPro) and even their parents (Hannah Montana movie anyone?).

A band we are developing sold 100+ downloads of a newly released single in 1 day last week at $.99 each. That doesn’t include the physical CD’s, t-shirts, buttons and other merch that they had at their sold out show ($10 admission) last week.

CareerBuilder just signed a super deal with Facebook to bring job listings to the 2nd largest Social Network in the country. I guess there are jobs here after all. (Cheezhead with the scoop.)

I keep finding artists willing to shell out advertising money to give their music away. Heck, I even wrote about it here.

Every one of my colleagues and friends is a member of a gym. By member I mean they pay in upwards of $60 / month to workout an hour a day / 3 days a week.

*Orlando specific, however you might have a plaza/situation like this* Have you been to Waterford Lakes on a Friday night and try to find a place to eat? Yea, how about you wait an hour. What about trying to maneuver around Target on Sunday afternoon. I’d rather work a 12 hour shift in a cubicle with my boss breathing down my neck!

Now I know, this post is biased towards the younger generation, but I work, I pay a mortgage, own a car and yes, I go out on weekends and spend money in the economy.

Here’s a great article that explains how the sub-prime mortgages messed everything up for the good guys. (Hat Tip to Lindsey Pollak) It actually makes sense. Read it, please.

So, Gen-Y, Brazen Careerists and Music fans and artists, here is the million dollar question: How is the economy affecting your daily life? Light up the boards with this one!

Greg Rollett


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