Space the Final Frontier

Discerning Members of Gen Y Choose to Spend Their $$$ on ‘Intergalactic Travel’

Seems reasonable.
Fair enough. (Photo by David McNew/Getty Images)

Fair enough. (Photo by David McNew/Getty Images)

Could it be that Girls is not a wholly accurate representation of Generation Y, and a slice of the much-fussed-over demographic is actually doing better than everything thinks?

That’s the takeaway from this Reuters piece, which says that while a third of the country’s 80 million millennials live with their parents, 12 million live in households that make more than $100,000. That’s thanks in no small part to tech jobs, which allow you to pay down undergraduate debt much faster than law or med school. Then many of them don’t want to spend their hard-earned dollars on big houses or fancy cars. No, they want “experiences.”

Like, for instance, going to outer space:

“Where the wealthy young are spending their cash is on experiences – food, wine, even intergalactic travel. [Merrill Lynch private banking wealth adviser Rich] Hogan says more than a few of his clients have bought seats on the Virgin spaceship at a couple of hundred thousand dollars a pop. ‘Those are the kind of cool things that they think about. It’s discretionary income to somebody with millions,’ he says.”

Anyone who thinks that going to outer space isn’t conspicuous consumption is already living on another planet.

Follow Kelly Faircloth on Twitter or via RSS. kfaircloth@observer.com