Explain the effect of a rise in expenditure by millenials on real GDP and the price level in the short run.

Millennials, who spend an average of $85 a day, are expected to spend at a higher rate in the next 15 years. Only 37 percent of Americans report higher spending today than a year ago, while 42 percent of millennials say they are spending more. Millennials are spending more on rent or mortgages and leisure activities than they were spending a year ago.