The Spending Diaries of Millennials: What We Value and Spend Money On
There’s no doubt that the economy has changed over the last few years. It’s been said that we, as millennials, are facing the bleakest and most uncertain financial future. But that doesn’t mean that we have ceased all spending.
With millennials taking up one-quarter of the world’s population, marketers are paying attention to our desires. Millennials are being seen as the new trendsetters in multiple industries from technology to fashion to food.
Cars Not Houses
Sure everyone needs a place to live, but when it comes to houses and apartments, it seems millennials would rather rent than own. Cars, on the other hand, millennials are willing to buy. This shows a change in the economy. With soul- and bank-account-crushing college debt, many Millennials have moved back in with family or are sharing housing with friends. But they still prioritize owning a car to get themselves to and from work.
Social Media Marketing
Millennials do not typically trust more traditional advertising and look to social media to get the truth. Products and companies that have a loyal following and reviews across social media platforms are more likely to capture the dollars of millennials. The majority of millennials actually still prefer to buy in brick-and-mortar stores, but will research online before making buying decisions.
Needless to say, tech-savvy millennials are the large fuel behind tech spending. From laptops to smartphones to smart watches, millennials are in the know and ready to open their wallets. Any device that makes it easy for them to capture and share is becoming a necessity for our age group. Millennials use technology to save money and make money, so it’s no wonder that they are prepared to make tech investments.
The new generation is less set on that white picket fence dream and more set on wanderlust. Millennials would rather buy experiences than stuff. Backpacking with friends is on the to-do list of many millennials, but travel is not the only experience we’ll spend money on. Events, concerts, fitness classes, and art classes are also popular. Anything that creates memories, and allows for that fun selfie, sets millennials ablaze.
Millennials put a larger percentage on buying organic and locally-sustained foods than previous generations. With a great awareness of the environment around them, millennials honor companies that seek to make a difference. Maybe we are looking to stay healthier because we have a heck of a lot more debt to pay and know we will be at it longer? I don’t know, but food industry: take note. The natural trend includes skin care and cleaning products too.
What do you spend your money on?