Millennials & spending

Saturday, December 1, 2018

We checked out some sites and found the following trends:

How are millennials different?

  • More financial responsibilities and debt
  • Also will make more or often have higher salaries compared to a different generation.
  • Spend even less than Generation X and Baby Boomers

 

  • Often use coupons, often preferring digital forms of things like digital coupons
  • They also tend to shop online more. They prefer convenience.
  • Often read reviews first before buying and not as worried about digital security
  • Is starting to prefer subscription online services
  • Also prefer generic products to save money
  • Tend to use their smartphones or computers for shopping
  • Care more about the customer experience
  • Expect others to be more socially aware and charitable and share feedback
  • Often prefer online entertainment such as streaming vs cable or TV

 

  • Millennials often have debts and are delaying buying houses and saving for retirement. Some are still living paycheck to paycheck. But they are financially aware of this and often are better at getting a financial plan.
  • Millennials are highly educated and more so than any other generation.
    But they aren’t saving as much or taking care of their healthcare costs as much.
  • Millennials also tend to favor gadgets and eating out or going to events.
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Author: savvywealthmedia

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