Advertising
Advertising

Millennials and Their Spending Habits: How It’s Shaping the World

Millennials and Their Spending Habits: How It’s Shaping the World

Millennials, also known as Generation Y, the 80’s and 90’s kid or those born between 1980 and 2000 are slowly changing the world economy as we see it today. By far the largest generation comprising of more than 70 million individuals in the United States, overtaking the population of baby boomers, Millennials are the most influential and promising group in shaping the modern world.

Their influence felt in areas such as science, math, and arts is redefining various industries, creating waves of change, and breaking ‘traditional ways’ to cater their new way of thinking and ideologies.

Having been raised during the time of rapid technological growth, Millennials have the most influence over old generations and are considered the biggest trendsetters of our world today. Despite being career-driven, skilled, and highly educated, Millennials are often considered financially doomed and unstable.

Graduating and going into adulthood during the economic recession, Millennials spending habits are affecting the economy in large measures especially in areas of marketing, finance and technology.

Advertising

The Death of Ads

Decades ago all you need to do was pour your money into advertising and your brand is setup for success. However, today, this isn’t the case anymore. Millennials and their incessant craving for authenticity have come to understand how sneaky advertisements can be. More often than not, messages used by advertisers are known to trigger emotional rather than rational responses among consumers.

It’s no wonder Millennials don’t trust commercials, and are often the ones who avoid and despise adverts in Facebook and other websites. Although, not generalizing, a  baby boomer might fall prey to adverts masquerading as good deals all over the media, but a millennial will be wiser and will know even in just one look which advert is authentic or not. This is not only making advertising a lot harder for companies, it’s also making them reevaluate their traditional marketing methods.

Brands and Social Media

It should also come as no surprise that Millennials prefer brands that interact with consumers on digital channels. Nowadays, it’s almost customary for brands to have their own Facebook and Twitter pages. Millennials want brands to be participative in terms of their experience. They want to engage with brands to learn more about the products.

The thing is: Millennials value authenticity. Content is good, but lack of authenticity may lead them to draw back from trusting a company or a site. They want blogs that connect with people. This is why social media is as much a growing industry today more than it was decades ago.

Advertising

The Rise of Online Shopping

The traditional way of shopping is slowly becoming a thing of the past. The convenience of online stores is drawing Millennials and making it hard for in-store retailers to keep up with their digital competitors.

Millennials are so fond of purchasing online; they would gladly wait a few days to get their order delivered, than to march on to the nearest mall or supermarket. Online shopping also allows them to be selective and be able to review their options wisely.

Renting vs Owning a House

The fall of economy has made a major impact on Millennials, many of whom are still having a hard time paying off their student loans, living with their parents, or are currently underemployed. This makes renting homes a far better option to this generation.

Millennials who are now in their early 20’s or 30’s are on the phase where they’d like to get married and start a family. However, they can’t afford to both start a family and own a house at the same time. Traveling which is a common millennial dream prevents them to settle down and buy a house of their own. All this makes renting a far better option than owning a house. .

Advertising

Growth of the Sharing Economy

Much of the sharing economy’s growth can be attributed to the Millennials. Millennials find the sharing practice not only thrifty, it’s also a great way to reduce consumption and space in the world. Think about it, why would you need to buy a house if you’re going to travel all the time? Why would you buy a nice ride, if you can ride one for a cheaper option?

James O’Connell, CEO of JDP, explains this behavior of Millennials from a mental standpoint.

He says, “Millennials believe in making a difference with their spending habits… Companies like Uber and Airbnb are doing so well because their business plan taps into that mindset so completely.”

Brands and Their Positive Impact in the World        

By nature, Millennials are inherently cosmopolitan. Growing up on the period of globalization and boom of technology, they are more attuned and interested to global issues. Thus, they also love to view their purchases through a global lens. In a recent study, Millennials were found to purchase more environmentally or socially responsible products and love to donate their money and time on charity.

Advertising

Brands have to give back something to society. At least that’s how Millennials believes it should be. Millennials are tired of corporate greed, after the world’s recovery of one of its largest financial crisis – they want to see more sharing and giving.

Through their unique but progressive ways, Millennials are preparing the world for the future. Everyone has their own opinions about this generation – but one thing is for sure: they are calling the shots now and the world will just have to listen.

Featured photo credit: Bench Accounting via unsplash.com

More by this author

Armela Escalona

Freelance Writer

9 Beautiful Journals for People Who Love To Take Notes 7 Ways To Fix Damaged Hair and Get Your Healthy Hair Back How To Design Your Bedroom the Feng Shui Way 5 Tools to Create a Professional Website for Free 5 Best Professional E-commerce Store Builders

Trending in 20-Something

1 One Solid Practice for Tackling Low Self-Esteem 2 If You Want To Get Help From Others Easily, Remember To Avoid This Mistake 3 7 Tools to Optimize Your Next Long-Term Traveling Experience 4 How To Go Through College And Stay Sane 5 The Battle Of The Voices In My Head

Read Next

Advertising
Advertising
Advertising

Last Updated on June 13, 2019

How to Quit Your Boring Life and Start Living an Interesting One

How to Quit Your Boring Life and Start Living an Interesting One

Think you have a boring life?

The definition of boring is dull or not interesting. Maybe you’ve been doing the same thing and living the same life for too long, or maybe your daily routine is limiting your growth and happiness. Whatever your reason is, the following list of 20 things can definitely make any day more interesting. Some of them are silly, while some are more meaningful, so hopefully just reading the list makes your life less boring and sparks your creativity.

Let’s dive in the list to quit your boring life and start living an interesting (and meaning) one!

1. Channel Your 7-Year-Old Self

What would he or she want to do right now? Color? Paint? Run around outside? Play dress up? Eat with your hands? Play that instrument hiding in the back of your closet that you haven’t touched in years?

Just because you’re a grown up doesn’t mean any of this stuff will be less enjoyable than you remember it. Give yourself permission to play.

2. Go Play with Kids

Speaking of little kids, if you have your own or access to any (in a non-creepy way, like they’re your niece or your best friend’s kid, you get the idea) go play with them!

They didn’t create an entire show called Kids Say The Darndest Things because kids aren’t hilarious. They also keep things so simple, and we can really stand to be reminded of this and stop allowing ourselves to get bogged down in boring details.

Advertising

3. Order a Hot Dog

While you’re eating it, Google: “What’s in a hot dog?” You decide whether or not you want to finish it.

4. For the Ladies: Wear Your Sexiest Lingerie Under Your Work Clothes

Your “little secret” will leave you feeling anything but boring all day!

5. Play Cell Phone Roulette

You’ll need at least one buddy for this. Scroll through the contacts in your phone, stop on a random one and call the person.

You could spark an incredible catch up session or be incredibly awkward. Neither are boring.

6. Fill out a Pack of Thank-You Cards

Give them to random people who probably don’t get thanked too often for doing what they do ever day.

Ideas: police officers, librarians, servers, baristas, cab drivers, sanitation workers, teachers, people behind any check out counter, receptionists, your friends, the guy at the falafel stand, etc.

7. Sign up for a Class in Something You’ve “Always Wanted to Do”, or Something That Makes You Really Uncomfortable

Ideas: pole dancing, salsa lessons, improv, pottery, cooking, knitting (yup, there are classes for this, too!), karate, boxing, something techy like the workshops they run in Apple stores, get Rosetta Stone and learn that language you’ve always wanted to speak, etc.

Advertising

What’s good about joining an interest class is that you will also meet new people!

8. Interview Your Grandparents About Their Lives

You can bet they’ve had some crazy experiences you probably never knew about.

9. Get up on Stage at an Open Mic Night

Whether you’re funny or not, get up on stage and just talk funny. And if you’re not, memorize a few of your favorite jokes and tell those!

10. Do Something for Someone Else That You Wish Someone Would Do for You

We all have a few ideas on this list. I promise you will feel amazing after and anything but bored.

11. Start a DIY Project in Your Home

It doesn’t have to be super complicated. If you need ideas, there’re plenty on Pinterest. Or you can also check out these 30 Awesome DIY Projects that You’ve Never Heard of.

12. Plan a Weekend Trip or an All-Out Vacation

This will give you something to look forward to.

Even if you don’t have the time or money to go on a vacation, plan for a staycation, which is same fun and relaxing!

Advertising

13. People Watch

Find a bench in a crowded area (centers of transportation like airports, bus stops and train stations are great for this!) and just observe.

People are infinitely interesting.

14. Eat Something You’ve Never Eaten Before

Bonus points if it’s a random fruit or veggie.

15. Dance

You can get your friends together for a night on the town or just pull up a video on YouTube and bust a move from your own living room.

If you’re feeling extra brave, you can even dance in public and get other people involved.

16. Go to YOUTUBE and Search “Funny Pets” or “Funny Babies”

This is also a great quickie ab workout as you will be laughing hysterically.

17. Pick up a Book and Start Reading

Check out the NY Times Best Sellers lists and grab a new book you can get lost in.

Advertising

18. Step Away from the Computer and Go Get Some Time with People You Care About in Real Life

Facebook stalking doesn’t count as real social interaction. You can even share this post with your friends and vote on which one you’d like to do together!

19. Check out a Museum You’ve Never Been to Before

OK, depending on your interests, this one might actually be boring. If you love learning, art or different cultures though, this one is for you!

20. Write a List of Things You Desire and Truly Want

This is a great way to help you figure out the real reason why you’re feeling bored about your life. Maybe you haven’t really done things that you truly enjoy? Maybe what you’ve wanted to do all the time has been left behind?

Think about the list of things you really want to do, and ask yourself why you aren’t doing these things (yet). Then start taking your first step to make what you want happen.

Now go make your life interesting and live your dream life!

More About Living a Fulfilling Life

Featured photo credit: Kev Costello via unsplash.com

Read Next