Millennials get the worst rap of any generation. Touted as lazy and useless, memes that destroy their very character abound. Whatever the reason for the stigma, these stereotypes couldn’t be further from the truth. What’s closer to reality is that these “kids” have grown up with school shootings and political turmoil, so, yes, they’re a bit skeptical. They’re also very technologically savvy and known for not spending their money with abandon, mostly because there’s not a lot of money to be had right now. This last characteristic is what many consumers have studied, as people are trying to figure out just what it is this generation is spending their money on. Read on for five things millennials spend their money on the most.
This is the generation that truly understands that when you die, you can’t take “it” with you—“it” being money. Now that’s a bit scary when one considers what their retirement funds will look like. Regardless, this generation values travel and all that comes with it—experiencing other cultures, tasting different ethnic foods, and, of course, taking selfies with incredibly scenic backgrounds. They might have to stay in hostels rather than five-star hotels as one of their ways to save, but the experience is worth it to them.
- Live Events
This goes hand in hand with number one, as again this isn’t something tangible like a car or house. Millennials love social events, and they spend a lot of their money on live music shows, festivals, and sporting events. As this Forbes.com article points out, “Millennials tend to define themselves by their experiences more so than other qualities or factors, so it comes as no surprise that funding experiences is a high priority for them.” That’s not to say they don’t value their careers, but they do so in different ways than Baby Boomers. Millennials see no issue with job-hopping, where Boomers have stayed with one company for most, if not all, of their careers.
Millennials are slightly rebellious, so it’s no surprise that they are dabbling in cryptocurrency. This is a digital currency that uses encryption techniques to regulate its currency generation, all outside the reach of centralized banking. Millennials have seen quite a few data breaches in their time, so it’s no wonder that they have some distrust of mainstream banking. Bitcoin is the biggest and most well-known of all the cryptocurrencies, but a number of successful altcoins have popped up in recent years that have shown a lot of promise—even in the face of the bubble that burst this past December. If you’re a Millennial looking to get in on this, there are sites that teach you about coinbase review and where to buy cryptocurrency.
- Rentals With Smart Features
Homeownership isn’t a huge thing just yet for this generation, but they are willing to pay more for rentals that come with smart features such as keyless locks, connected doorbells, remote-controlled devices, and security and entertainment systems. In fact, a survey conducted a couple of years ago by Wakefield Research (via Curbed.com) revealed that 86 percent of millennials are willing to pay an additional 20 percent for smart features. In fact, the study also showed that they would be willing to give up a parking space for these features. Say it with us: “Whoa.”
- Same-Day Delivery
This shouldn’t come as a huge surprise, as this is the Amazon.com generation that when they want something, they want it yesterday. Our parents would consider this a mortal sin but this generation considers it a part of life. Many posit that this is likely due to the fact that they were raised on smart phones, so getting things delivered to their door (even booze!) is as easy as the click of a button.
We know that millennials shun mortgages, cars, cable TV, and grocery memberships for places like Costco and Sam’s Club. In general, experience seems to trump all and, for better or worse, this doesn’t seem to be going away. While we respect this, we wish them luck in their retirement. Hopefully those crypto investments pay off!