A fundamental shift in the spending habits of U.S. millennials will have an incredible impact on the world’s largest economy, according to the CEO of Smead Capital Management.
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.”
“That will be a whole different ball game” for the U.S. economy, Smead said.
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