Are Hipsters The New Yuppies?

PwC’s 2016 Holiday Outlook confirms that hipsters – defined as “upwardly mobile, college-educated millennials living in enclaves such as Austin, Brooklyn, Oakland and Portland” – will spend an average of $500 more than their peers during the upcoming holiday season. The report is optimistic in tone, predicting a 10% increase in holiday sales over the 2015 season, with hipsters characterized as particularly sanguine about the economy in general. Thirty-three percent of respondents from this demographic describe financial conditions as improved since last year, compared to 26% of consumers overall. Hipsters expect to lay out an average of $1670 this holiday; PwC reports that the national forecast is $1121. Although, to be fair – the hipster’s budget is not all reserved for gifts in the traditional sense. These particular consumers admit to setting aside a third of their budget, or about $553 (compared to $285) to buy things like “footwear and apparel; personal and home electronics; and vacation travel” for themselves. Read more at Forbes.