Andy Slater, a 22-year-old delivery driver in London, appears oblivious to the fact that the UK is suffering its worst recession since the second world war.
"You gotta have new trainers ain't you? Nike, Adidas, Lacoste - whatever looks good," he says, eyeing up the latest models in the Westfield shopping mall in west London.
He is not alone in his opinion. In a survey conducted by the US-based Westfield group in May, 70 per cent of its shoppers aged between 18 and 35 said they were spending the same or more on clothes and eating out.
Slaves to fashion and free of most financial commitments, young people have kept spending in economic downturns when others have cut back. But today's younger generation is particularly flush with cash and, after growing up during the credit boom, spending is deeply ingrained.
As a result, retailers geared towards the youth market - particularly clothing chains - have been basking in their good fortune.
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