And that reason is: young people (Millennials amd Zoomers) have given up on 3 major things:
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buying a house
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buying a car
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making children
Those 3 are simply too expensive. All of a sudden, even those who managed to save moderately, found themselves having “extra” money from crossing off literally their future. They are spending like it's their last time on this planet. 20$ meal? Sure, I don't have any other plans for the money.