Meredith Whitney, known as the “Oracle of Wall Street,” attributes the decline in home purchases and sexual activity among men to the rise of fantasy sports and online sports betting. Whitney shared this perspective on CNBC’s Squawk on the Street, emphasizing the impact of consumer trends on her economic outlook.
Noting a shift in consumer behavior, Whitney highlighted a unique trend in leisure spending, stating, “The fastest-growing leisure spend is fantasy sports and online sports betting.” She linked this phenomenon to a decline in retail spending throughout the year, pointing out that traditional strongholds like restaurant spending and travel have also seen reductions.
Drawing a connection between these trends and men’s romantic lives, Whitney cited Pew Research, noting that 63 percent of young men are single, the highest percentage ever recorded. Moreover, 50 percent of these young men reportedly have no interest in dating, even casually, and 30 percent claim to have abstained from sex for over a year without expressing concern.
Whitney suggested a correlation between the popularity of fantasy sports and online sports betting among young men and their disinterest in dating or engaging in sexual activities. She further commented on the prevalence of social media, with young women spending time capturing “Instagram moments” at events like Taylor Swift concerts.
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Moreover, Whitney speculated that if Texas and California were to legalize sports betting, the issue could exacerbate due to the large populations of these states.
In summary, according to Whitney, the proliferation of sports betting apps has contributed to a decline in home purchases, a rise in rental trends, and a notable shift in young men’s dating and sexual preferences. However, the quantifiable connection between these factors remains uncertain.
