It’s no surprise that Millenials, the generation that has been hit by both the Great Recession and mountains of student debt, have been consistently holding off on purchasing big-ticket items. After all, the cost of things like houses and cars can quickly eat up large chunks of a person’s regular salary.
The same is probably true when it comes to affording other big expenses like fancy weddings and having kids. Most Millennials claim to be simply putting these experiences off until they can better afford them, but they are finding it increasingly hard to ever make these purchases.
They’re also not big believers when it comes to putting their trust in the stock market. Most Millennials prefer to store their savings in more tangible forms such as investment properties, precious metals, and so forth.
However, Millennials are not as likely as earlier generations to spend their money on diamonds. They prefer more unique or conflict-free gems. They are also more likely to spend their money on experiences rather than possessions.
Millennials also have different purchasing habits than previous generations when it comes to more ordinary items. Convenience is a key factor here. Then again, so is quality or taste. After all, this is the generation known for their love of avocado toast and small luxuries. It’s not really surprising that mass-produced beer has been falling in popularity lately and craft brews are gaining steam among this demographic.
McDonald’s and other fast food outlets are likewise suffering from reputation failure among these customers. Cable is in the same boat as a growing number of Millennials opt for less expensive and more convenient options such as Netflix, Hulu, and other streaming packages.
Yet this is the same group of people who have stopped buying cereal because it makes a mess that they will eventually have to clean up. One would assume that it just seems more convenient to eat something like a prepackaged granola bar or a handy breakfast sandwich, where all they would need to do is throw away the wrappers. However, sales of yogurt have gone down in recent years.
Members of this generation are also fans of wine and liquors, but they prefer not to have to bother uncorking their beverages. These individuals even spend less time shopping than their predecessors, probably because they don’t have much storage space in their small apartments. Therefore, membership in warehouse clubs is on the decline as well.
Paper napkins seem to be on the way out as well but the reason behind that varies with each source. Some folks say they are too expensive to purchase on a regular basis. Others claim they are bad for the environment when compared to cloth napkins and some folks have just switched to paper towels instead, which double as cleaning supplies.
Likewise, bar soap has recently become an item non grata amongst millennial consumers. Younger customers increasingly think that used bar soaps are covered with germs. Others simply are more familiar with liquid soap and prefer to use it instead. However, fabric softener seems to be one item that this group finds particularly confusing since they’re not sure why they need it in the first place.
Perhaps as a result of the Great Recession, Millennials have learned to do more with less. They have also learned to some extent where to cut the fat out of their budgets.
It’s not surprising then that sales of luxury handbags, designer clothes, motorcycles, and golf related purchases are on the decline. Shopping at department or home improvement stores, eating at casual dining chains, going on dinner dates, and watching football games are all trends that have taken a hit in recent years.
Although Millennials have turned to boutique gyms in favor of larger entities, running as an activity has become less popular lately.
However, buying health or life insurance has been deemed by many Millennials as an expense they can’t really afford, especially with premium prices continuing to climb. This is no doubt because most young adults are in the peak of health. As a result, they are simply crossing their fingers and hoping nothing bad happens to them in the meantime.
Perhaps the oddest trend is that nearly half of these experience loving individuals seem to believe they must work all the time. Many of them additionally have no intention of taking employer allotted vacation time. After all, these same millennials have learned that jobs can be hard to come by.
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