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 7 Tools to Optimize Your Next Long-Term Traveling Experience 3 How To Go Through College And Stay Sane 4 The Battle Of The Voices In My Head 5 How to Have the Best Spring With Your Pets

Read Next

Advertising
Advertising
Advertising

Last Updated on December 10, 2019

5 Smart Reasons to Start Journal Writing Today

5 Smart Reasons to Start Journal Writing Today

Here’s the truth: your effectiveness at life is not what it could be. You’re missing out.

Each day passes by and you have nothing to prove that it even happened. Did you achieve something? Go on a date? Have an emotional breakthrough? Who knows?

But what you do know is that you don’t want to make the same mistakes that you’ve made in the past.

Our lives are full of hidden gems of knowledge and insight, and the most recent events in our lives contain the most useful gems of all. Do you know why? It’s simple, those hidden lessons are the most up to date, meaning they have the largest impact on what we’re doing right now.

But the question is, how do you get those lessons? There’s a simple way to do it, and it doesn’t involve time machines:

Journal writing.

Advertising

Improved mental clarity, the ability to see our lives in the big picture, as well as serving as a piece of evidence cataloguing every success we’ve ever had; we are provided all of the above and more by doing some journal writing.

Journal writing is a useful and flexible tool to help shed light on achieving your goals.

Here’s 5 smart reasons why you should do journal writing:

1. Journals Help You Have a Better Connection with Your Values, Emotions, and Goals

By journaling about what you believe in, why you believe it, how you feel, and what your goals are, you understand your relationships with these things better. This is because you must sort through the mental clutter and provide details on why you do what you do and feel what you feel.

Consider this:

Perhaps you’ve spent the last year or so working at a job you don’t like. It would be easy to just suck it up and keep working with your head down, going on as if it’s supposed to be normal to not like your job. Nobody else is complaining, so why should you, right?

Advertising

But a little journal writing will set things straight for you. You don’t like your job. You feel like it’s robbing you of happiness and satisfaction, and you don’t see yourself better there in the future.

The other workers? Maybe they don’t know, maybe they don’t care. But you do, you know and care enough to do something about it. And you’re capable of fixing this problem because your journal writing allows you to finally be honest with yourself about it.

2. Journals Improve Mental Clarity and Help Improve Your Focus

If there’s one thing journal writing is good for, it’s clearing the mental clutter.

How does it work? Simply, whenever you have a problem and write about it in a journal, you transfer the problem from your head to the paper. This empties the mind, allowing allocation of precious resources to problem-solving rather than problem-storing.

Let’s say you’ve been juggling several tasks at work. You’ve got data entry, testing, e-mails, problems with the boss, and so on—enough to overwhelm you—but as you start journal writing, things become clearer and easier to understand: Data entry can actually wait till Thursday; Bill kindly offered earlier to do my testing; For e-mails, I can check them now; the boss is just upset because Becky called in sick, etc.

You become better able to focus and reason your tasks out, and this is an indispensable and useful skill to have.

Advertising

3. Journals Improve Insight and Understanding

As a positive consequence of improving your mental clarity, you become more open to insights you may have missed before. As you write your notes out, you’re essentially having a dialogue with yourself. This draws out insights that you would have missed otherwise; it’s almost as if two people are working together to better understand each other. This kind of insight is only available to the person who has taken the time to connect with and understand themselves in the form of writing.

Once you’ve gotten a few entries written down, new insights can be gleaned from reading over them. What themes do you see in your life? Do you keep switching goals halfway through? Are you constantly dating the same type of people who aren’t good for you? Have you slowly but surely pushed people out of your life for fear of being hurt?

All of these questions can be answered by simply self-reflecting, but you can only discover the answers if you’ve captured them in writing. These questions are going to be tough to answer without a journal of your actions and experiences.

4. Journals Track Your Overall Development

Life happens, and it can happen fast. Sometimes we don’t take the time to stop and look around at what’s happening to us at each moment. We don’t get to see the step-by-step progress that we’re making in our own lives. So what happens? One day it’s the future, and you have no idea how you’ve gotten there.

Journal writing allows you to see how you’ve changed over time, so you can see where you did things right, and you can see where you took a misstep and fell.

The great thing about journals is that you’ll know what that misstep was, and you can make sure it doesn’t happen again—all because you made sure to log it, allowing yourself to learn from your mistakes.

Advertising

5. Journals Facilitate Personal Growth

The best thing about journal writing is that no matter what you end up writing about, it’s hard to not grow from it. You can’t just look at a past entry in which you acted shamefully and say “that was dumb, anyway!” No, we say “I will never make a dumb choice like that again!”

It’s impossible not to grow when it comes to journal writing. That’s what makes journal writing such a powerful tool, whether it’s about achieving goals, becoming a better person, or just general personal-development. No matter what you use it for, you’ll eventually see yourself growing as a person.

Kickstart Journaling

How can journaling best be of use to you? To vent your emotions? To help achieve your goals? To help clear your mind? What do you think makes journaling such a useful life skill?

Know the answer? Then it’s about time you reap the benefits of journal writing and start putting pen to paper.

Here’s what you can do to start journaling:

Featured photo credit: Jealous Weekends via unsplash.com

Read Next