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Millennials are about to trigger a major “changeover point’ for the US economy

Millennials are about to trigger a major ‘changeover point’ for the US economy, asset manager says…

Key Points:

  • U.S. adults aged between 21 and 38 years old will prioritize “necessity spending” over the next decade, Bill Smead told CNBC’s “Squawk Box Europe” on Monday.
  • It comes after a 10-year period in which the same age group has “lived off discretionary spending.”
  • He said this will mean young adults will soon start to move away from buying “Apple devices, craft beer and Chipotle burritos” and instead spend their savings on big-ticket items such as houses and cars.

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