Current Events > How do millennials spend their money? Here's a quick breakdown

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Headlines have long debated the spending patterns of the generation of people born between 1982 and 1997, commonly referred to as millennials.

Among the things millennials dont spend money on are diamonds, homes, cable services or even bar soap.

But this begs the question: How does the millennial generation actually spend their money?

The quick answer is: meticulously.

The gaps in this generations financial behaviors may be attributed to the rising cost of living and the not-so-rising level of salary. Speculative numbers suggest that more than 60 percent of this generation carries student loan debt, arguably leaving less disposable income.

When it comes to deciding what to spend their hard-earned money on, here are some of the most common behaviors of millennials.

They seek out companies they believe in. Called brand loyal, this is a group of spenders who genuinely care about where their money is going. They look for companies that treat their employees, their communities and their environments well.

But they prefer generic brands to brand name. Brand name doesnt have as much status for millennials. Theyre looking for function above fame for most household items.

They do the majority of their shopping digitally. About 85 percent of the next purchases made by millennials will not take place in a brick and mortar store. They are taking advantage of shopping on a global scale, and shipment is a small price to pay for exactly what you want delivered to your door.

They research heavily before committing. More than possibly any other generation, this is a group that relies on word of mouth even if its from strangers. Online reviews are a hot commodity when considering a purchase.

Theyll pay for experience over material. Millennials are more likely to pay for events or memories like concert tickets, bar tabs or road trips than they are for tangible items.

If your target market is this group of people in their twenties and thirties, these may be some good things to integrate into your strategy.

And keep it mind when you come across another article claiming millennials have ruined an industry. There may be more to it than meets the eye.
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i thought we all spent our money on avacodas
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I own a house. And other property.

That said I spend like 20% of my income on booze cause if wine is good enough for jezuz it's good enough for me
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yusiko posted...

i thought we all spent our money on avacodas

This stereotype was originally only thrown around by millennials and was used to put down those basic fresh-out-of-college girls who got a nice boost in life with mommy and daddy's money but still fail often and move home regularly (she has an art history degree obviously!) because each time they were "on their own" they were almost entirely support by their boyfriend who didn't try that hard either but managed to get lucky because his dad just so happened to work in heating and cooling/plumbing/welding/etc. and got him a nice paying job when he flunked out of college.

But anyway, the avocado stereotype goes back years. Millennials have probably been throwing it around before boomers were even aware of it. But boomers turned it around and only use it on the broke millennials. Broke millennials don't buy avocados. They talk about them a lot but they don't buy them. When it comes to produce, broke millennials buy like a bag of apples and maybe a bag of oranges if they're trying to splurge and that's it.
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you do realize if you are 35 or under you are a millennial right?
so you should really be saying we instead of trying to act like you arent a millennial unless you over 35
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millennials ruined good spending habits
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yusiko posted...

you do realize if you are 35 or under you are a millennial right?
so you should really be saying we instead of trying to act like you arent a millennial unless you over 35

I am a millennial. I'm 24. And when you speak of a group of people you belong to using a name for that group, it doesn't imply that you don't belong to them. For example, if I said something like "white people don't do this", I'm not implying that I'm not white. Or if I said "musicians only ever do this", I'm not implying that I'm not a musician. Though I agree I should have mentioned in my post that I am a millennial.
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Hmm I do spend money on road trips and I rather pay more for a car that has additional functionality rather than one with a luxury badge.
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>meticulous

>throws donations at Twitch streamers
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Damn right I don't buy bar soap.

Kinda bought the other three though.
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dbf50 posted...

Among the things millennial's dont spend money on are diamonds, homes, cable services or even bar soap.

Diamonds. Unnecessary luxury item that no one but you really cares about. Also, aren't melliennial's not marrying as much as past generations?

Homes. They can't afford them with all the debt from going to collage, also not marrying and having kids until latter in life.

Cable. Expensive and obsolete luxury item. You can have netflix, hulu and other streaming services for a fraction of the cost of cable. Streaming services also have the benefit of no commercials that consistently interrupt what you're watching like cable does.

Bar soap. They prefer liquid soap I guess?

Millennials are typically considered by most researchers to be born roughly between 1985 to 1997 so that's likely to be the group studied here.
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voldothegr8 posted...

>meticulous

>throws donations at Twitch streamers

Considering that the vast majority of the population doesn't even watch Twitch enough to know off hand how to donate to a streamer, that's a pretty crappy example.
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I'm a shitty millennial. I own a home, prefer tangible goods over "experiences", and I have no student loan debt. But yeah, fuck diamonds and cable. Also, liquid soap is way better than bar soap.
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The link.

https://www.kansascity.com/news/local/community/joco-913/article216492120.html
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Cereal sucks too.

voldothegr8 posted...

>meticulous

>throws donations at Twitch streamers

You shut the fuck up, if i donate money to this girl streamer she will have sex with me!!!!
Kappa
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1337toothbrush posted...

Also, liquid soap is way better than bar soap.

How so?

Foam soap ftw
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>Has brand loyalty
>Buys generic brand products

oic
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50% brunch

25% iphone leases

25% fortnite premium currency
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dbf50 posted...

They seek out companies they believe in. Called brand loyal, this is a group of spenders who genuinely care about where their money is going. They look for companies that treat their employees, their communities and their environments well.

This is nothing new... but it doesn't describe me. I don't know why you would assume it does.

dbf50 posted...

They do the majority of their shopping digitally. About 85 percent of the next purchases made by millennials will not take place in a brick and mortar store.

Damn son are you stalking people checking where they get groceries? Because mine come from Smiths or Walmart or whatever.

dbf50 posted...

They research heavily before committing. More than possibly any other generation, this is a group that relies on word of mouth even if its from strangers. Online reviews are a hot commodity when considering a purchase.

I certainly do this.

dbf50 posted...

Theyll pay for experience over material. Millennials are more likely to pay for events or memories like concert tickets, bar tabs or road trips than they are for tangible items.

Well this doesn't describe me at all. And describes only my poorer friends. I don't know where you get these ideas TC. This conflicts with the above.

Overall a mediocre post TC. Not worth publishing.
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It's crazy how millennials are considered one group so often. Older ones were not raised with the internet, younger ones were raised with the internet. That has to have a huge effect on the kind of people they are as an adult. They should be broken down into 80s and 90s babies.
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spanky1 posted...

It's crazy how millennials are considered one group so often. Older ones were not raised with the internet, younger ones were raised with the internet. That has to have a huge effect on the kind of people they are as an adult. They should be broken down into 80s and 90s babies.

agreed, there's some things i fall in line with the 80's crowd too. i prefer landline phone and less complex technology.
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I have noticed that baby boomers are way more materialistic than millennials. Good for millennials!
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Tsukasa1891 posted...

1337toothbrush posted...

Also, liquid soap is way better than bar soap.

How so?

You won't find hairs and shit stuck to liquid soap.

kingdrake2 posted...

spanky1 posted...

It's crazy how millennials are considered one group so often. Older ones were not raised with the internet, younger ones were raised with the internet. That has to have a huge effect on the kind of people they are as an adult. They should be broken down into 80s and 90s babies.

agreed, there's some things i fall in line with the 80's crowd too. i prefer landline phone and less complex technology.

How is a landline phone better?
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1337toothbrush posted...

Tsukasa1891 posted...

1337toothbrush posted...

Also, liquid soap is way better than bar soap.

How so?

You won't find hairs and shit stuck to liquid soap.

Is it really that hard to hold the bar under the shower head for 2 seconds?

1337toothbrush posted...

How is a landline phone better?

I have a 33 y/o friend who wants to cancel his and his wife's cell phone plans and get a landline. He's a little different. But he hates that his wife is always looking at her phone.
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Tsukasa1891 posted...

1337toothbrush posted...

Tsukasa1891 posted...

1337toothbrush posted...

Also, liquid soap is way better than bar soap.

How so?

You won't find hairs and shit stuck to liquid soap.

Is it really that hard to hold the bar under the shower head for 2 seconds?

Sometimes hairs get really stuck in there after a good scrub.

EndOfDiscOne posted...

1337toothbrush posted...

How is a landline phone better?

I have a 33 y/o friend who wants to cancel his and his wife's cell phone plans and get a landline. He's a little different. But he hates that his wife is always looking at her phone.

Oh, okay. So it's just an irrational hatred of tech.
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