Millennials have been a hot topic that has been discussed all around the globe, with so many people trying to figure out who they are, what they want and how they choose to spend their time and money. Most of these people, corporations, media outlets and big business all seem to have an opinion that they believe we millennials fit into and while some of them are relevant the majority of them are wrong. Every generation is different from the one before them, hopefully for the sake of development, each generation is better, with better education, more equality and opportunity than the one that came before it and while the world scrambles to try and group us into one simplistic, understandable category, what they forget is that we are a large, dynamic, unique, group of individuals where no two people are the same. However, there are some things we may agree on due to the similar financial circumstance we find ourselves in; like the coming to terms with the fact that we will never be able to afford a house or that we will be paying off our student loans for years to come. These financial circumstances we are in lead us to spend our very limited saving on things that we can see the benefit from now, things that make our life feel full now – not “now-now” or even later. That means our spending may seem a little unconventional if you look back on what previous generations were doing with their money. However, our circumstances are different, our lives, our opportunities; they are all different and if the collective of us seems to be living and spending differently from the generation before why they similar to everyone else in our predicament, then why isn’t how we choose to live seen as a reaction rather than action. A possible way to save ourselves and further generations from further economic despair?
We all know online shopping is the favored way to shop for millennials because you don’t have to leave your bed, never mind your house. With online stores popping up here, there and everywhere such as Superbalist, Spree, and Zando. It’s obvious that we will turn to these easy, convenient and cost-effective channels. Millennials are all about instant gratification, online shopping is the equivalent to getting 100 likes in 5 minutes which is incredibly dangerous as it ends up burning a hole in our pocket.
As I’m sure you’ve heard and or experienced that patients aren’t exactly a virtue held high among the gen Y years. Millennials grew up in an instant and digital world filled with smartphones and social media. So, it makes sense that millennials are twice as likely to pay extra for things to be better, quicker faster. They are used to the fast food drive through instant in all facets of their lives. If you could have the things you want, sooner wouldn’t you? Generation X is used to the wait and or they are not aware that there is possibility to upgrade their service – but millennials don’t want to settle for less than they are used to and if they have to pay the same price for a coffee as they do for same day delivery well then, it’s all worth it.
We might not be able to afford a house, but we are sure as hell going to make up for it. With whatever money that we have that we could possibly save or use to pay off our student loans, we use to experience the world and all that it has to offer – within our budget obviously. But we are less interested in the possibility of buying property – mostly because we can’t afford it but also because we would rather spend our money on experiences rather than things – as they are the things that make you feel rich – not what car you drive or what house you live in.
As mentioned before, millennials grew up in a digital and instant world of technology where we can get the things we want at the snap of our fingers. Millennials are more attuned to the latest and greatest technology, well baby boomers are content with their Nokia 360 that they’ve had for ten years. The millennial, however, is happy to pay that extra money for the latest technology as they see their phone as a part of who they are and understand the importance of being up to date with the latest smartphone technology.
It’s almost as big as millennial pink and avo toast, hot sauces – particular sriracha is the new millennial craze – one which has become a millennial household favorite across the globe – with new inventions of pocket-size sriracha and even beer sriracha. Millennial use this sauce to spice up all culinary varieties; used before, during and after cooking. Millennials are more experienced with ethnic food due to the diversity in which they were born into but also as they have had opportunity to travel more than their Baby Boomer parents – allowing them to broaden their taste buds to more diverse flavors with foods from Hispanic and Asian culture so they are naturally more adept to spicy foods.
Millennials are the activewear generation, a generation which gets almost sole credit for yoga pants/leggings replacing jeans as the casual go-to bottoms. Millennials have even take the athleisure trend as far as making it legitimate workwear – work out gear that is not exactly made for exercise. Athleisure sales have risen 13% in the last six months with ‘activewear making up 17% of the clothing market today becoming as pivotal in the industry as denim is. Millennials account for 45% of the athleisure market making up for every pair of denim pants that don’t sell, with a pair of yoga pants that will.
Everyone knows that millennials are more environmentally conscious that then generations that came before them. We are happy, therefore, to spend more money on trying to reduce carbon emission. A survey done showed that 45% of Americans actively seek out healthier organic food options – 53% of that 45% being millennials.
Tattoos & Piercings
Nearly 40% of millennials have at least one tattoo. In fact, it this is six times higher than older generations, with tattoos and piercings becoming the new mainstream. Millennials are more than happy to spend a substantial amount of money on their body piercings and tattoos, they see it as an important part of self-expression.
Millennials have a distaste for most things that are made for mass markets – this is no different from their beer and spirit preference. With their desired drinking preference being in small home crafted booze. 43% of millennials say that craft beer tastes better with a huge decrease in consumers drinking local mass market brands.
With transport alternatives such as Uber, millennials are seeing less and less value in owning a car of their own and are turning more towards public transport options. They are happy to pay the expensive travel fees as they don’t have to pay for car maintenance and insurance.