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 What GoT Would Be Like if the Characters Used Social Media 5 How To Go Through College And Stay Sane

Read Next

Advertising
Advertising

Last Updated on October 9, 2018

27 Ways to Instantly Feel Better When You’re Down

27 Ways to Instantly Feel Better When You’re Down

Who has never gone through some ups and downs in the life? But some people can feel better in a quicker way than others because they’ve found their own remedies to heal the bad feelings.

If you haven’t found yours, these ways will help you instantly feel better and ditch that negative self talk when you’re feeling bad about yourself:

Advertising

  1. Listen to the songs you loved when you were in high school or university, this will recall you of the old good times.
  2. Write something. Write down how you feel as a way to express your thoughts if you don’t feel like talking to anyone.
  3. Draw something. Draw anything you want because no one’s going to judge your drawing skills.
  4. Read the postcards or letters your friends or family sent you before, remind yourself there are people who always remember you.
  5. Silently think of a day or moment which you truly enjoyed and try to recapture that very first feeling. Was it the day of your graduation? The moment you traveled with your loved one?
  6. Take out your photo albums and go over your childhood photos.
  7. Cry when you feel like doing so. There’s nothing wrong with crying; cry out all your fear and stress and just face the truth after crying.
  8. Sing loudly like no one can hear you. Do you know that in Japan, people always sing karaoke to relieve stress?
  9. Cook a nice meal for yourself or for your family.
  10. Read your previous diary entries and look at your great memories.
  11. Dress up nicely to feel happier.
  12. Don’t stay in your bed! Get your laptop or a book and sit in a coffee place.
  13. Take a walk outside and feel the fresh air.
  14. Sweat yourself! Go jogging or play some sports.
  15. Pick up the musical instrument you used to play a lot and start to play it.
  16. Tidy up your desk or wardrobe, you’ll feel good that you’re being productive and actually doing something.
  17. Watch some funny videos, sure you can find a lot of them on Youtube.
  18. Eat something you like, be it a chocolate cake, or an ice-cream. Just please yourself with the flavour you like.
  19. Re-read your favorite book and write down the sentences or passages that you love.
  20. Watch a new movie, there must be a movie which you’ve always interested in but had no time to watch it.
  21. Do something nice that no one will notice, say picking up a rubbish in the street and throw it to a trash bin.
  22. Call your best friend and just talk whatever you want! Human beings are social animals after all, connecting with people close to you will make you feel better.
  23. Do voluntary work and help people in need, you’ll feel happy and satisfied.
  24. Get drunk with your close friends at home – a safe place for you to get drunk and get crazy. Let loose and have fun with your very close friends.
  25. Write an email or a note to a friend who you care about.
  26. Get out of your routine life and meet new friends. Get out of your comfort zone! Meeting new people can give you new inspirations in life.
  27. Look into the mirror and smile. Act like today’s already a wonderful day. How we act affects how we feel. It’s difficult to go on feeling sad if you’re trying to smile!

Remember:

Advertising

It’s not what happens to you, but how you react to it that matters.  — Epictetus

If you want to feel better, change what you’re doing because obviously what you’re doing doesn’t make you happy!

Advertising

Featured photo credit: Unsplash via unsplash.com

Advertising

Read Next