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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.

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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.

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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. .

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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.

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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

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Last Updated on April 14, 2021

How to Deal With Anger (The Ultimate Anger Management Guide)

How to Deal With Anger (The Ultimate Anger Management Guide)

We all lose our temper from time to time, and expressing anger is actually a healthy thing to do in our relationships with others. Expressing our differences in opinion allows us to have healthy conflict and many times come to an agreement or understanding that works for everyone. However, there are times when anger can become overwhelming or damaging, and during these times, it’s important to learn how to deal with anger.

Expressing anger inappropriately can be harmful to relationships, both personal and professional. You may express too much anger, too often, or at times that are only going to make things worse, not better. In this article we will look at anger management techniques that will help you better control your emotions.

Let’s take a deeper look at how to deal with anger.

Expressing Anger

Anger is a natural and normal part of almost any relationship. This includes relationships with your significant other, kids, boss, friends, family, etc. Anger provides us with valuable information if we are willing to listen to it. It clues us in to areas where we disagree with others and things that need to be changed or altered.

Unhealthy Ways to Express Anger

Here are some common yet unhealthy ways to express anger that you should avoid:

Being Passive-Aggressive

This is a term many of us are familiar with. Passive-aggressive behavior happens when someone is angry but uses indirect communication to express their anger.

Some of the more common passive-aggressive behaviors include the silent treatment, making comments about someone behind their back, being grumpy, moody, or pouting, or simply not doing tasks or assignments that they should.

This is a passive-aggressive person’s way of showing their anger. It’s not very productive but extremely common.

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Poorly-Timed

Some people get overwhelmed and express anger in a situation where it can’t really do any good.

An example would be getting angry at one person in front of a crowd of people. All that does is make people uncomfortable and shuts them down. It’s not a healthy way to express anger or disagreement with someone.

Ongoing Anger

Being angry all the time is most often a symptom of something else. It’s healthy and normal to express anger when you disagree with someone. However, if someone is angry most of the time and always seems to be expressing their anger to everyone around them, this won’t serve them well.

Over time, people will start to avoid this person and have as little contact as possible. The reason being is no one likes being around someone who is angry all the time; it’s a no-win situation.

Healthy Ways to Express Anger

What about the healthy ways[1] to adapt? When learning how to deal with anger, here are some healthy ways to get you started.

Being Honest

Express your anger or disagreement honestly. Be truthful about what it is that is making you angry. Sometimes this will entail walking away and thinking about it for a bit before you respond.

Don’t say you’re mad at something someone did or said when it’s really something else that upset you.

Being Direct

Similar to being honest, being direct is a healthy way to express anger.

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Don’t talk around something that is making you angry. Don’t say that one thing is making you angry when it’s really something else, and don’t stack items on top of each other so you can unload on someone about 10 different things 6 months from now.

Be direct and upfront about what is making you angry. Ensure you are expressing your anger to the person who upset you or you are angry at, not to someone else. This is very counterproductive.

Being Timely

When something makes you angry, it’s much better to express it in a timely manner. Don’t keep it bottled up inside of you, as that’s only going to do more harm than good.

Think of the marriages that seem to go up in flames out of nowhere when the reality is someone kept quiet for years until they hit their breaking point.

Expressing anger as it occurs is a much healthier way of using anger to help us guide our relationships in the moment.

How to Deal With Anger

If you feel angry, how should you deal with it right at that moment?

1. Slow Down

From time to time, I receive an email at work that makes me so angry that steam is probably pouring out of my ears.

In my less restrained moments, I have been known to fire off a quick response, and that typically has ended about as well as you might imagine.

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When I actually walk away from my computer and go do something else for a while, I am able to calm down and think more rationally. After that happens, I am able to respond in a more appropriate and productive manner. Doing things that helps you learn how to release anger can make an uncomfortable situation more manageable before it gets out of hand.

2. Focus on the “I”

Remember that you are the one that’s upset. Don’t accuse people of making you upset because, in the end, it’s your response to what someone did that really triggered your anger. You don’t want to place blame by saying something like “Why don’t you ever put away your dishes?” Say something more like “Having dirty dishes laying on the counter upsets me—can you work with me to come to a solution?”

When you are accusatory towards someone, all that does is increase the tension. This doesn’t usually do anything except make your anger rise higher.

3. Work out

When learning how to deal with anger, exercise is a great outlet. If something happens that angers you, see if you have the opportunity to burn off some of the anger.

Being able to hit the gym to get a hard workout in is great. If this isn’t an option, see if you can go for a run or a bike ride. If you are at work when you become angry and the weather permits, at least go outside for a brisk walk.

Besides working some of your anger out through exercise, this also helps to give your mind a chance to work through some ways to address what it is that upset you.

If you’re not sure where to start with an exercise routine, check out Lifehack’s free Simple Cardio Home Workout Plan.

4. Seek Help When Needed

There are times when we could all use some help. Life can be stressful and overwhelming. It’s perfectly fine to seek some help from a mental health professional if it will help you get back to a healthy balance.If you find that you are angry all the time, it might be a good idea to go talk to an expert about learning to control intense emotions. They can give you some sound advice and ideas on how to get your anger to a more manageable and healthy level.

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5. Practice Relaxation

We all seem to lead incredibly busy lives, and that’s a good thing if we are loving the life we are living. That being said, it is very beneficial to our physical and mental well-being to take time out for relaxation.

That can mean spending time doing things that help us calm down and relax, like being around people we enjoy, practicing deep breathing or listening to music. It could be making time for things that help bring us balance like a healthy diet and physical activity.

Many people incorporate techniques such as yoga and meditation to calm their minds and release tension when learning how to deal with anger. Whatever your choice is, ensure you take time out to relax when warning signs of anger start to bubble up.

6. Laugh

Incorporating humor and laughter on a regular basis will help keep anger in check and help you get over a bad mood and feelings of anger more quickly. This isn’t part of formal anger management techniques, but you’ll be surprised by how well it works. Remember, life is a journey that’s meant to be enjoyed fully along the way through healthy emotion. Make sure you take time to laugh and have fun.Surround yourself with people that like to laugh and enjoy life. Don’t work at a job that just causes you stress, which can lead to anger. Work at something you enjoy doing.

7. Be Grateful

It’s easy to focus on the bad in life and the things that cause us negative emotions. It’s vitally important to remind ourselves of all the wonderful things in life that bring us positive emotions, things that we easily forget because we get caught up in the whirlwind of day to day life.

Take time out each day to remind yourself of a few things you are grateful for in order to help you learn how to release anger and invite in more positive feelings.

Final Thoughts

Life can be overwhelming at times. We seem to have constant pressure to achieve more and to always be on the go. People we are around and situations we are in can cause stress, anger, and negative emotions. At times, it can seem to be too much, and we get angry and our emotions start to get out of control.

During these times, keep in mind that life is an incredible journey, full of wonder and things that bring you joy. When you find yourself angry more often than is healthy, take time out to remember the good things in life—the things that we seem to forget yet bring us so much positive energy and emotions.

Use some of the tips included here to help with how to deal with anger and better control your emotions.

More Resources on Anger Management

Featured photo credit: Andre Hunter via unsplash.com

Reference

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