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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 October 17, 2019

How to Spend More Quality Time with Your Partner

How to Spend More Quality Time with Your Partner

You see your partner every single day. They are the first person you talk to in the morning and the last person you kiss goodnight.

But does seeing each other day in and day out equal a healthy relationship? Not necessarily.

Spending quality time with your partner is the best way to ensure your relationship stays healthy and strong. This means going above and beyond sitting together while you watch Netflix or going out for the occasional dinner. You deserve more from your relationship – and so does your spouse!

What does quality time mean? It means spending time with your spouse without interruption. It’s a chance for you to come together and talk. Communication will build emotional intimacy and trust.

Quality time is also about expressing love in a physical way. Not sex, necessarily (but that’s great, too!) but through hand-holding, cuddling, caressing, and tickling. Studies show that these displays of affection will boost partner satisfaction.[1]

So how do you spend quality time with your partner? Here are 13 relationship tips on making the most out of your time with your partner.

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1. Recognize the Signs

If you want a healthy relationship, you have to learn how to recognize the signs that you need to spend more quality time together.

Some telltale signs include:

  • You’re always on your phones.
  • You value friendships or hobbies over quality time with your spouse.
  • You aren’t together during important events.
  • You are arguing more often or lack connection.
  • You don’t make plans or date nights.
  • You’re not happy.

If you are experiencing any of these relationship symptoms, know that quality time together can reverse the negative effects of the signs above.

2. Try New Things Together

Have you ever wanted to learn how to play an instrument or speak another language? How about skydive or ballroom dance?

Instead of viewing these as solo hobbies and interests, why not involve your partner?

Trying new activities together builds healthy relationships because it encourages spouses to rely on one another for emotional and physical support.

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Shared hobbies also promote marital friendship, and the Journal of Happiness Studies found that marital satisfaction was twice as high for couples who viewed each other as best friends.[2]

3. Schedule in Tech-Free Time

Your phone is a great way to listen to music, watch videos, and keep up-to-date with friends and family. But is your phone good for your relationship?

Many couples phone snub, or ‘phub’, one another. Studies show that phubbing can lower relationship satisfaction and increase one’s chances of depression.[3]

Reduce those chances by removing distractions when spending quality time together and showing your partner they have your full attention.

4. Hit the Gym as a Couple

One way you can spend more time together as a couple is by becoming workout partners. Studies show that couples are more likely to stay with their exercise routine if they work out together.[4] Couples also work out harder than they would solo. One study found that 95 percent of couples who work out together maintained weight loss compares to the 66 percent of singles who did.[5]

Join a gym, do at-home couples’ workouts, try couples yoga, hit the hiking trails, or get your bikes out. No matter which way you choose to exercise, these healthy activities can promote a healthy relationship.

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5. Cook Meals Together

Pop open a bottle of wine or put some romantic music on while you get busy – in the kitchen, of course!

One of the best relationship tips for spending quality time together when you both have busy schedules is to cook meals together.[6]

Spice things up and try and prepare a four-course meal or a fancy French dish together. Not only is this a fun way to spend your time together, but it also promotes teamwork.

If all goes well, you’ll have a romantic date night meal at home that you prepared with your four hands. And if the food didn’t turn out the way you’d hoped, you are guaranteed to have a laugh and create new memories together.

6. Have a Regular Date Night

Couples experience a greater sense of happiness and less stress when they are spending quality time together.[7] One of the biggest relationship tips for a healthy partnership is to include a date night in your weekly routine.

The National Marriage Project found that having a weekly date night can make your relationship seem more exciting and helps prevent relationship boredom.[8] It also lowers the probability of divorce, improves your sex life, and increases healthy communication.

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Some great ideas for what to do on your date night include:

  • Have a movie marathon – Gather up your favorite flicks and cuddle up on the couch.
  • Play games together – Cards, board games, video games, and other creative outlets are a fun way to spend quality time together.
  • Recreate your first date – Go back to that restaurant and order the same meal you did when you first got together. You can spice up your evening by pretending you’re strangers meeting for the first time and see how sexy the night gets.
  • Plan a weekend getaway – There’s nothing better than traveling with the one you love.
  • Dinner and a movie – A classic!
  • Try a new restaurant – Make it your mission to rate and try all of the Mexican restaurants/Irish pubs/Italian trattorias in your area.
  • Have a long sex session – Intimacy promotes the release of the oxytocin hormone which is responsible for a myriad of great feelings.[9]

Here’re even more date night ideas for your reference: 50 Unique and Really Fun Date Ideas for Couples

Final Thoughts

The benefits of spending quality time together are endless. Here are just some of the ways it can contribute to a healthy relationship:

  • Improves emotional and physical intimacy
  • Lowers divorce rates
  • Improves communication
  • Reduces marital boredom
  • Bonds couples closer
  • Improves friendship
  • Boosts health
  • Reduces stress

These are all excellent reasons to start making date night a regular part of your week.

It’s easy to have a healthy relationship when you set aside dedicated time to share with your spouse. Try new things together, make your spouse your workout buddy, and look for innovative ways to be close and connected.

These relationship tips will bring great benefits to your marriage.

Featured photo credit: Allen Taylor via unsplash.com

Reference

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