Just teens, but living the high life

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#1
This is a very sad situation - materialism and the "high life" are spilling over to the teenagers, even before they enter the workforce and know how to earn a living! Are the parents at fault for "spoiling" their kids? Comments are welcome...

Oct 24, 2010
special report: starting young
Just teens, but living the high life

Designer goods, fancy restaurants and spa treatments are not just for adults these days
By Alexandra Jen Wong

Young, restless and ready to rock - and shop.

Walk into the trendier shops or eateries these days, and do not be surprised to see teen customers.

One 19-year-old, who wanted to be known only as Rachel, told The Sunday Times she spends up to $6,000 a month on shopping.

The university student, whose parents run businesses, said her biggest buy was a $5,000 Chanel bag.

She said: 'If my mother can afford it and buys it for me, then I will accept it. If I can't afford it, I won't buy it.

'I don't think it has to do with peer pressure. Perhaps it is more a matter of upbringing. My family values quality, and branded items are usually of a higher quality.'

At Ion Orchard, staff at luxury store Yves Saint Laurent (YSL) say one in 10 teen customers is local. One favourite purchase is the Muse Two bag, which costs $2,180.

The teens are typically around 16 to 17 years old, say YSL staff.

A sales assistant at Dior said that the store sees on average 30 teenagers a day, with many of them coming with their friends and in groups. Those who make purchases spend $2,000 on average.

But one 19-year-old university student, who wanted to be known only as Amanda, said: 'I don't believe teens have to spend excessively to look good. What matters is whether we know how to appreciate what we have.'

She added that she enjoys $20 dresses as much as the pricier ones.

Still, Amanda - the daughter of a finance professional and a housewife - does have favourite brands such as Prada and Miu Miu.

When it comes to things she really wants, such as a Mulberry Alexa handbag which costs about $1,600, she will save up for it.

One parent, a partner in a consultancy firm who declined to be named, said she buys expensive goods for her children 'to give them the best'. She added that branded items 'last a lifetime'.

She buys Chanel and Louis Vuitton bags which cost up to $5,000 each, which she shares with her two daughters, aged 21 and 25.

Another parent, who also declined to be named, said: 'If you can afford to buy things you think look nice, then why not?'

Well-dressed teenagers are also increasingly seen at upmarket dining places.

Staff at Basilico, an Italian restaurant at The Regent Singapore, said there has been an increase in the number of teen customers at lunchtime, spending at least $39 each for the weekday buffet. Teenagers are also turning up with their friends on Sundays, when brunch prices range from $59 to $175.

Popular nightclub Zouk also noted an increase in the parties hosted by teenagers and young adults over the past few years. Mr Benny Heng, its director of operations, said four to five birthday and farewell parties are held there each month, up from one to two before.

He added that such parties are usually attended by 20 or more people while in the past, there were 10 or fewer guests.

Cost does not seem to be an issue. The teens and young adults attending these parties at Zouk typically spend $60 to $70 a head - drinking champagne, shooters and premium vodka like Grey Goose, which costs $230 a bottle.

One teenager even told The Sunday Times she rented a yacht for about $750 from Grand Cruise for her boyfriend's birthday party. The 19-year-old, who did not want to be named, used her savings and her 15 guests paid $35 each to offset the cost.

The entire bash cost more than $1,000, including two bottles of Moet Champagne and four bottles of wine.

Teens are also conscious about their looks. Ms Kay Nalla, marketing manager for Bonafides, a beauty spa, said teens now make up about 30 per cent of its clientele, with one third of the teenagers being male.

It even has a specially tailored product, the 'teenage healing facial', with 30 to 40 teens signing up each month. This costs between $45 and $65 a session.

But not all teens agree with such a lifestyle.

Charmaine, 19, a university student, said: 'These teenagers come off as superficial. Most care only about the brands they buy and the places they are seen at, because it shows that they can afford it.'

Madam M.L. Fong , 45, a housewife and mother of four, said: 'It is worrying when teenagers spend so much money before they even know how to earn it. It's definitely an issue parents should be concerned about.'

Associate Professor Ho Kong Chong, from the National University of Singapore's department of sociology, said young people are influenced by marketing pitches, and that the teenage market is lucrative.

He added that 'the extension of school has resulted in a prolonged period of youth, and exploring of identity, while still dependent on parents'.

ajenwong@sph.com.sg

Oct 24, 2010
Tai-tai by 20


Li Lin (not her real name) is barely out of her teens. But she already owns a bag that costs about $10,000.

She also has more than 50 pairs of shoes, along with expensive clothes and jewellery.

She waited a year for her prized bag, a grey Yves Saint Laurent Muse handbag (right), which cost about $10,000. It was a gift from her father, a businessman.

Li Lin, who turned 20 just last month, is currently taking time off school.

Her mother is a housewife and her only brother is doing national service.

Li Lin gets a monthly allowance of $1,500, plus $2,000 a year for skincare expenses.

She spends about $500 on make-up and the rest on facials, which she goes for two to three times a month.

She also spends money on meals, shoes, clothes and bags. She has three supplementary credit cards linked to her parents' accounts, as well as her own debit card.

Counting brands such as Christian Louboutin and Miu Miu as her favourites, she said that she once bought 'five bags in one month' from brands such as Balenciaga and Alexander McQueen.

The spree set her back more than $5,000, although she cannot remember the exact amount.

She has lunch and dinner with friends about four times a week.

She enjoys the restaurants at Dempsey and along Orchard Road, and counts Ristorante Da Valentino off Rifle Range Road as one of her favourite haunts.

She drives a $160,000 BMW, which her father bought for her a few months ago.

Li Lin also has a penchant for diamonds. She owns more than 10 necklaces from brands such as Tiffany & Co and Cartier, mostly presents from her father.

She conceded that teens spend more nowadays, and that she has friends who spend even more than she does.

She admitted that her lifestyle is rather lavish, but added: 'Then again, it is not for anyone to judge. After all, my parents do not mind.'

Alexandra Jen Wong


My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
Reply
#2
(24-10-2010, 07:03 AM)Musicwhiz Wrote: This is a very sad situation - materialism and the "high life" are spilling over to the teenagers, even before they enter the workforce and know how to earn a living! Are the parents at fault for "spoiling" their kids? Comments are welcome...

Oct 24, 2010
special report: starting young
Just teens, but living the high life

Designer goods, fancy restaurants and spa treatments are not just for adults these days
By Alexandra Jen Wong

Young, restless and ready to rock - and shop.

Walk into the trendier shops or eateries these days, and do not be surprised to see teen customers.

One 19-year-old, who wanted to be known only as Rachel, told The Sunday Times she spends up to $6,000 a month on shopping.

The university student, whose parents run businesses, said her biggest buy was a $5,000 Chanel bag.

She said: 'If my mother can afford it and buys it for me, then I will accept it. If I can't afford it, I won't buy it.

'I don't think it has to do with peer pressure. Perhaps it is more a matter of upbringing. My family values quality, and branded items are usually of a higher quality.'

At Ion Orchard, staff at luxury store Yves Saint Laurent (YSL) say one in 10 teen customers is local. One favourite purchase is the Muse Two bag, which costs $2,180.

The teens are typically around 16 to 17 years old, say YSL staff.

A sales assistant at Dior said that the store sees on average 30 teenagers a day, with many of them coming with their friends and in groups. Those who make purchases spend $2,000 on average.

But one 19-year-old university student, who wanted to be known only as Amanda, said: 'I don't believe teens have to spend excessively to look good. What matters is whether we know how to appreciate what we have.'

She added that she enjoys $20 dresses as much as the pricier ones.

Still, Amanda - the daughter of a finance professional and a housewife - does have favourite brands such as Prada and Miu Miu.

When it comes to things she really wants, such as a Mulberry Alexa handbag which costs about $1,600, she will save up for it.

One parent, a partner in a consultancy firm who declined to be named, said she buys expensive goods for her children 'to give them the best'. She added that branded items 'last a lifetime'.

She buys Chanel and Louis Vuitton bags which cost up to $5,000 each, which she shares with her two daughters, aged 21 and 25.

Another parent, who also declined to be named, said: 'If you can afford to buy things you think look nice, then why not?'

Well-dressed teenagers are also increasingly seen at upmarket dining places.

Staff at Basilico, an Italian restaurant at The Regent Singapore, said there has been an increase in the number of teen customers at lunchtime, spending at least $39 each for the weekday buffet. Teenagers are also turning up with their friends on Sundays, when brunch prices range from $59 to $175.

Popular nightclub Zouk also noted an increase in the parties hosted by teenagers and young adults over the past few years. Mr Benny Heng, its director of operations, said four to five birthday and farewell parties are held there each month, up from one to two before.

He added that such parties are usually attended by 20 or more people while in the past, there were 10 or fewer guests.

Cost does not seem to be an issue. The teens and young adults attending these parties at Zouk typically spend $60 to $70 a head - drinking champagne, shooters and premium vodka like Grey Goose, which costs $230 a bottle.

One teenager even told The Sunday Times she rented a yacht for about $750 from Grand Cruise for her boyfriend's birthday party. The 19-year-old, who did not want to be named, used her savings and her 15 guests paid $35 each to offset the cost.

The entire bash cost more than $1,000, including two bottles of Moet Champagne and four bottles of wine.

Teens are also conscious about their looks. Ms Kay Nalla, marketing manager for Bonafides, a beauty spa, said teens now make up about 30 per cent of its clientele, with one third of the teenagers being male.

It even has a specially tailored product, the 'teenage healing facial', with 30 to 40 teens signing up each month. This costs between $45 and $65 a session.

But not all teens agree with such a lifestyle.

Charmaine, 19, a university student, said: 'These teenagers come off as superficial. Most care only about the brands they buy and the places they are seen at, because it shows that they can afford it.'

Madam M.L. Fong , 45, a housewife and mother of four, said: 'It is worrying when teenagers spend so much money before they even know how to earn it. It's definitely an issue parents should be concerned about.'

Associate Professor Ho Kong Chong, from the National University of Singapore's department of sociology, said young people are influenced by marketing pitches, and that the teenage market is lucrative.

He added that 'the extension of school has resulted in a prolonged period of youth, and exploring of identity, while still dependent on parents'.

ajenwong@sph.com.sg

Oct 24, 2010
Tai-tai by 20


Li Lin (not her real name) is barely out of her teens. But she already owns a bag that costs about $10,000.

She also has more than 50 pairs of shoes, along with expensive clothes and jewellery.

She waited a year for her prized bag, a grey Yves Saint Laurent Muse handbag (right), which cost about $10,000. It was a gift from her father, a businessman.

Li Lin, who turned 20 just last month, is currently taking time off school.

Her mother is a housewife and her only brother is doing national service.

Li Lin gets a monthly allowance of $1,500, plus $2,000 a year for skincare expenses.

She spends about $500 on make-up and the rest on facials, which she goes for two to three times a month.

She also spends money on meals, shoes, clothes and bags. She has three supplementary credit cards linked to her parents' accounts, as well as her own debit card.

Counting brands such as Christian Louboutin and Miu Miu as her favourites, she said that she once bought 'five bags in one month' from brands such as Balenciaga and Alexander McQueen.

The spree set her back more than $5,000, although she cannot remember the exact amount.

She has lunch and dinner with friends about four times a week.

She enjoys the restaurants at Dempsey and along Orchard Road, and counts Ristorante Da Valentino off Rifle Range Road as one of her favourite haunts.

She drives a $160,000 BMW, which her father bought for her a few months ago.

Li Lin also has a penchant for diamonds. She owns more than 10 necklaces from brands such as Tiffany & Co and Cartier, mostly presents from her father.

She conceded that teens spend more nowadays, and that she has friends who spend even more than she does.

She admitted that her lifestyle is rather lavish, but added: 'Then again, it is not for anyone to judge. After all, my parents do not mind.'

Alexandra Jen Wong


We are becoming like the Hong Kong ppl..Japanese ppl etc..

Social escort is thus becoming very prevalent..

Else where do teens get their money to sustain these kind of lifestyle..

Go catch this latest 三级片 named "囡囡" abt social escort in HK...
Can download from net...

Quite a good movie abt social escorts....


Reply
#3
Apparently, there have already been cases of Singaporean University girls getting involved in shady, seedy activities in order to fuel their upscale lifestyle "needs" and wants. It's not uncommon to hear of young ladies selling their bodies to upkeep their (decadent) lifestyle; and some even betray their own dignity and decency, all in the name of money.

Which is why I think materialism is one of the root causes of vice, and it seems Singapore is just poised to become even more materialistic; judging from the widening income gap, rising property and stock markets, and influx of rich foreigners buying more luxury cars..... Sad
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#4
I'm generally not too concerned about this. It all comes down to personal choice and I respect everyone's right to choose.

After all, no one is pointing a gun to anyone's head. These are choices made by adults (the choice to lead a life of luxury and encourage their children's spending) and it should be seen as that. They have worked hard for their money and it's their entitlement to spend it as they deem fit even if they do not see that it probably puts their children in a more precarious position in life.

This may not be a bad thing either. After all, if all these people with money were chasing after income-generating assets, it would make things very expensive for the average Joe like us no?

Update: This especially for those with children.

I remember reading somewhere on something between self-esteem and materialism and googled. Here it is. (link)

A short excerpt:

Lan Nguyen Chaplin (University of Illinois Urbana-Champaign) and Deborah Roedder John (University of Minnesota) show that the relationship appears to more than just a correlation, but a causal relationship -- low self esteem causes increased materialism and raising self esteem decreases materialism.

So maybe it's time to not envy that person with the Miu Miu. =)
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#5
I see nothing wrong if their parents can afford it, or even support them forever. It's not a crime to be born with a silver spoon in your mouth.

Afterall, money is meant to be spent. We invest, save, and spend prudently to make our money last long for us. But for those with silver spoons, they don't need to! Their family fortunes can already last time a few generations, so there's no need for them to do what we have to do!
Reply
#6
(26-10-2010, 08:47 AM)momoeagle Wrote: I see nothing wrong if their parents can afford it, or even support them forever. It's not a crime to be born with a silver spoon in your mouth.

Afterall, money is meant to be spent. We invest, save, and spend prudently to make our money last long for us. But for those with silver spoons, they don't need to! Their family fortunes can already last time a few generations, so there's no need for them to do what we have to do!

Hi Momo,

With respect to your point of view, here are my comments:-

1) Yes, there is definitely nothing wrong if the parents can afford to spend on their kids all their lives, or even support them "forever". Then again the day will come when the parents will pass away, leaving all the family fortune behind. Assuming the parents had never inculcated the value of thrift and prudent spending in their children when they were younger, how will these inheritants manage their "new-found" wealth? Probably they may either blow it all thinking it will last forever, or sink it into lousy money-losing ventures. The point I am making here is that if a child is being spoonfed when it comes to money, he/she will not grow up learning how to manage money and finances in a proper, responsible manner. This could be detrimental in the long-term should these kids grow up to have their own children, as the values passed down would be wrong as well.

2) Interestingly, I feel that when one works hard, earns their own money then buys something they have been eyeing, there is a greater sense of achievement and satisfaction. This is compared to a rich teen who just points at a $5,000 bag and says "I want it, Daddy" and gets is instantly. There is no satisfaction in instant gratification, especially when it's being provided for by someone else. This point may sound moot, but the person may end up feeling empty because everything is too comfortable and he/she will not experience life to its fullest (which means ups as well as downs).
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#7
This is the sad disparity between the rich and the poor. There is nothing to be proud about this situation of materialism in highly developed countries e.g. Singapore. If richer people can consider using their money to help others who are needy, be it locally or overseas, I will think this is using money to it's best value to help another fellow being in need. For example, donations can go into building schools for the poorer kids in other developing countries or improving the infrastructure in poor villages and towns overseas.

I think the value of money is increased when money is used to help improve and impact the lives of a lot more people, instead of just spending it on oneself. Material goods will waste away and depreciate in monetary value, but the lives of people who have been helped through giving of money or one's time will improve and some of these people who have been helped before may go on to contibute to their society to help others too. This is using money to it's best possible value and has a multiplying effect in continuing to improve the lives of many people through the passage of time.
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#8
It is not as bad as you think. Jobs are created to make, produce and sell materialistic goods. If materialistic goods do not exist, what can the rich do with their money?
They will buy more properties and cause a higher property price.
They will buy more precious metals.
and many others that can make the poor people's life miserable.

By spending money on materialistic goods, the rich is indirectly distributing their wealth to others in the society.

If the rich is not spending money on charity, I will rather they use the money on luxury goods.(all their wealth if possible Tongue)

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#9
Let me add on another statement..
If the rich do not self-destruct and become poor, how does the poor motivate themselves to become rich?
The capitalist system is itself in disequilibrium with disparity between rich and poor and it stabilizes in this disequilibrium by some rich becoming poor and some poor becoming rich.
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#10
Yea, I agree with mrEngineer or momo, there is nothing inherently right or wrong with being born with a silver spoon in one's mouth. This is just the way things in the world work. In fact, as much as being born with a silver spoon in one's mouth can be bad thing, it can also be a good thing. Personally, (ok mine's more of a bronze spoon than silver) I don't think I would have had the experiences that I've had at such a young age if not for being part of what they call 'The Lucky Sperm Club'.

However, my parents also had to good sense to not give me everything I wanted without having to work for it. As MW has shared, I think the more important thing is not whether a person is born with a silver spoon in his mouth or not. The more important thing is the values that the person learns from being in the environment that he/she grows up in.

That is the same in proper investing no? The principles and the values. With those, the results will naturally follow.
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