The chief executive of appliance retailer Winning Group has railed against the poor work ethic of Millennials and warned of another “huge correction” in financial markets, as social media-influenced consumers rack up debt and live beyond their means.

“People are expecting more than what they put in. Some of the people coming in for interviews, their expectation of what they should be paid versus how much they’re expected to work is just crazy,” said John Winning, the fourth generation boss of the appliance company.

At 35, Mr Winning is technically a Millennial himself but that doesn’t stop him from haranguing the generation, saying while his company employs some great Millennial workers, they are “few and far between”.

“You train them up and by the time they’ve finished the two-month training, they’re either looking for the next thing or asking for a promotion or more money,” he said.

“When I think of hustling, I think of rolling your sleeves up and working from early in the morning to late at night. They see hustling as a get-rich-quick scheme or another easy solution.”

The 113-year-old whitegoods retailer has two major brands, Appliances Online and Winning Appliances. In the last financial year it turned over $650 million in sales out of its 16 stores across the country.

In comparison, rival The Good Guys reported $2.15 billion in sales last financial year off 105 stores.

Mr Winning claimed sales are increasing by $100 million a year, despite the overall appliances market dropping 7 per cent in sales, which he said was due to increasing price competition from Asian manufacturers.

Korean and Chinese brands are getting stronger, and as they’re fighting for more market share they’re doing it through price. Seventeen years ago, it would be $20,000 for a 50-inch plasma TV, and now you can get the same thing for under $1000,” he said.

Mr Winning also echoed the downbeat sentiments of the broader retail sector, which has been repeatedly labelled as “recessionary” as consumers fail to respond to stimulatory measures.

“Margins are as low as ever, pricing is as competitive as ever, so it’s certainly a tough market,” he said.

But while other retailers have attributed the downturn to weak consumer confidence, low wage growth and a struggling housing market, Mr Winning blamed the prevalence of social media and get-rich-quick schemes causing Australians to live beyond their means.

The rise of Instagram has been “damaging to society”, he said, as users strived to display the “best 1 per cent” of their lives, leading them to live a lifestyle they couldn’t afford.

“I think the world’s living in this desperation of wanting more, and that’s getting people into a lot of trouble,” he said.

“People expect they should be able to spend all this money on eating out because they see all their friends on social media eating out breakfast, lunch and dinner, having these great lives and going to Europe every Australian winter.

“So there’s a lot of debt and a lot of people really struggling to maintain the lifestyle they’re used to. The world has to go through another huge correction.

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