PG-rated living gets trendy in the US, UK
millennials and Gen Z in these two countries is once again driven by economics.
Living with parents (LWP) reached an all-time high during the pandemic. But that merely gave LWP a 50% boost. 2021 US Census reports that 23 million (45%) 18-29-year-old Americans were living with parents.
That is roughly the LWP level in the 1940s, after the Great Depression. In Britain, 51.2% of 20-24-year-olds LWP while among 25-29-year-olds, the number is 26.7%. Runaway housing costs is a primary cause.
Mounting student debt, post-pandemic work choices and situations, record high-inflation pushing up cost of living are other factors. Inability of young persons to secure steady jobs because of lack of opportunity or insufficient skills, and available jobs not paying well enough, have added to the 'reverse flow'. With rising costs, adult children are also becoming caregivers.
Things have gotten more socially comfortable for today's Adrian Moles. The trend has also been a gift for the luxury industry. With budgets freed from daily needs, discretionary spending is up.
In 2022, the US surpassed China as the leading market for luxury Swiss watches. Advice givers, too, are making hay, providing guidance to both adult-children and parents on life. One wonders if and when the once-trendy 'Indian-style' joint family will make an appearance in countries that made the Beatles sing, 'She's Leaving Home' in the Swinging Sixties.
