ARTICLE: The millennial urban lifestyle is about to increase in cost.

Professor Emeritus

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I wonder how many people noticed that even though these are good "deals", everything he described is still an expensive lifestyle.

If you have been relying on other people to drive you places, make your food, cook your food, provide you entertainment, etc., you're hemorrhaging cash whether you're getting good "deals" or not.

The subsidizing of this economy has also been about taking money from a lot of folk who had more of it than they knew what to do with. When prices adjust to normal again I wonder if people are gonna start figuring how how to live normal lives or if they'll just invent other scams or straight take the financial hit to maintain that "lifestyle".
 

GnauzBookOfRhymes

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Stupid article this has very little to do with millenials and everything to do with the venture capital pump and dump ponzi scheme that supported We Work and other fraudulent endeavors.

All these companies would do the "counterintuitive" strategy of losing money to build market share. This has been going on for long enough that even uneducated investors can clearly see that the financial losses were not worth the market share.

The article argues that losing money to build market share will no longer be as prevalent.

LMAO exactly. I hate when journalists manufacture stories, complete with bullshyt anecdotes, in order to try and "explain" some recent phenomena which has in fact been happening forever.
 

dora_da_destroyer

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the article is stupid on many fronts, but the idea that this "lifetsyle" will get more expensive is flawed, hell yea they will raise prices to start pivoting toward profitability, but the idea that "millennials" will blindly keep the same habits is stupid, when uber gets too expensive for daily use, nikkas will be back on the bus, when they realize they are paying 50% more for food delivery, they'll start walking to the local spots for takeout again, and wework isn't an urban lifestyle thing, their whole vulnerability extends beyond their small b2c users, they have even bigger risk with their b2b clients

The subsidizing of this economy has also been about taking money from a lot of folk who had more of it than they knew what to do with. When prices adjust to normal again I wonder if people are gonna start figuring how how to live normal lives or if they'll just invent other scams or straight take the financial hit to maintain that "lifestyle".
there are definitely some for whom it will always be the convenience >>> cost effectiveness...and those who are incompetent, going to stanford really opened my eye to how useless some people were for their age.

that said, millennials are also getting to the point of kids/marriage/wanting to move outside the city right now and this will continue to accelerate and more millennials move into this phase of life. over the next few years, this was going to corrode some of the frivolous spend anyway (you need to cook for a fam, not order out, you need a car for a fam, not a shared lyft, etc.) now pair changing life state with rising costs, a whole bunch of millennials are going to be fine throwing some of this shyt in the bushes (tho grocery delivery and prime will be a good look lol)
 
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88m3

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I wonder how many people noticed that even though these are good "deals", everything he described is still an expensive lifestyle.

If you have been relying on other people to drive you places, make your food, cook your food, provide you entertainment, etc., you're hemorrhaging cash whether you're getting good "deals" or not.

The subsidizing of this economy has also been about taking money from a lot of folk who had more of it than they knew what to do with. When prices adjust to normal again I wonder if people are gonna start figuring how how to live normal lives or if they'll just invent other scams or straight take the financial hit to maintain that "lifestyle".

Yes, I would imagine there are a lot of "urban millennials" who aren't making six figures and living this way. You could drive a Mack truck through a lot of the idea laid out in the article.

Also as far as apps in general and the food app for example I'm sure they're geotracking and god knows what else out of people in cities to make up these discounts

No one needs lyft/uber

No one needs a wework office space

It's discretionary spending
 

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Stop Using “Millennial” When You Really Mean “Yuppie”

It’s the end of millennials as we know them. No, not the 73 million younger adults born between 1981 and 1996; they’re fine. But the death knell is tolling for the way we tend to overuse, and misuse, the literal term millennials. The latest peal in this requiem? A piece by Atlantic staff writer Derek Thompson suggesting that, given WeWork and Uber’s slow-rolling implosions, “the millennial urban lifestyle is about to get more expensive.” What exactly is the “millennial urban lifestyle”? According to Thompson, it’s waking up on a Casper mattress, working out with a Peloton before breakfast, Ubering to a desk at a WeWork, ordering DoorDash for lunch, taking a Lyft home, and then getting dinner through Postmates.

Basically, before the first meal of the day, this hypothetical urban millennial is already in the hole for almost $4,000, thanks to their $1,100 mattress, $500/month coworking space, and $2,000 exercise bike. Of course, there are payment plans as low as $58 a month for the Peloton, which might be what enables them to still spend on ride-sharing door to door and ordering out all their meals.

Thompson isn’t making an argument about the fiscal responsibility of millennials; he’s just using them as the stand-in customer. The main thrust of his piece—that all these venture capital–backed startups, previously capable of subsidizing the lives of their customers, will soon have to jack up their prices in response to the impending reckoning of investors looking to finally turn a profit—seems correct, and is certainly worth discussing. It just also takes for granted that the average urban millennial is willing to spend $100 a month on a Blue Apron subscription that only provides three meals a week.

The seductive logic of painting millennials with a broad generational brush is one that more writers than Thompson have fallen prey to, and he does better than most by narrowing his scope to urban millennials. But adding the word “well-off” would’ve made his point much more accurate. In fact, he could have just used a more accurate term: yuppie. While there are overlaps between these two groups—mostly because millennials are currently young—it takes but a second of thought to realize that yuppie better serves Thompson’s argument.

Here’s why the misrepresentation of millennials as a generation aimlessly spending money on having simple tasks done for them irks: On the whole, millennials ought to be defined by the ways our generation has been beset by skyrocketing housing costs, rising student debt, falling wages, and a difficult job market. We are, as my colleague Jordan Weissmann put it last year, “the brokest generation,” and also the one, along with Gen Z, that’s going to have to handle climate change.* We’re certainly not all living the lifestyle Thompson is describing, where all the petty annoyances of living life are solved with the swipe of a finger, even if we do live in a city.

There is, of course, a subset of millennials that is using these services, much in the way that, in previous generations, a subset of the richest individuals would most likely have had domestic help to avoid all those petty annoyances. But urban millennials also include those who are driving the Ubers and delivering the Seamless orders and cleaning the WeWorks once all those yuppies go home. And the pending venture capital reckoning surely won’t be great for them, either.

Slate’s Use of Your Data
 

Reece

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For years, tech companies have consisted of horrific cash burning business models supported by VC money. That's how Amazon survived. Amazon didn't make money or lost money for a good 10, 15 years. After that point they'd killed off all the competition and created enough sustainable businesses (Amazon Web Services for one) to begin turning a profit even if the core business didn't. The only difference between WeWork, Uber, Lyft and them is they're a decade or two younger, they haven't grown to the point to find their profit areas/niches and the game is over so to speak, as investors are souring on throwing tons of hard earned cash at failing businesses and consumers aren't wasting their money on the shares either. Expect to start seeing alot more tech companies going forward that focus on paid services from the get go.
 
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