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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 May 28, 2020

10 Success Principles for Living Your Dream Life

10 Success Principles for Living Your Dream Life

Are you stressed out and overwhelmed, wishing you had more time to do the things that really matter? Are you ready to do something better, something special in your life or your career?

You were born with a gift that no one else in the world can express like you. When you dance to your own music, you naturally develop your innate abilities and excel in work and life. You are a total rock star. But when you live someone else’s idea of who you should be, it throws off your groove.

Many people—maybe you—stopped following their dreams way too early in life because their talents were ignored, minimized, or shamed. They didn’t have the chops to win an American Idol competition or nab an Olympic gold medal, so they stopped expressing their inborn gifts altogether.

You don’t need to be an award winner to rock your life. Living your dream life is about discovering your superpowers and feeling vibrant and joyful when you use them. It’s about owning what makes you unique and finding like-minded people to support you.

Here are 10 success principles to help you live a rich and rewarding life on your terms that have worked with thousands of people in my workshops and will work for you, too.

1. Get a Hobby to Move Closer to Your Dreams

If you never became a professional dancer or a world-renowned author, it does NOT mean you should stop dancing or writing! These activities make you come alive, even if you “only” do them as favorite pastimes.

Engaging in a hobby is one of the most important success principles you can follow to move closer to your dreams.

When you try something creative for the first time or in a long while, you begin to see opportunities at work and in life that you were unaware of before. You also feel happier and more energized, according to a recent study from New Zealand.[1]

Some of my most burned-out executive clients reinvigorated their careers by discovering a creative outlet that refueled them after the workday ended. Research at San Francisco State University shows that having a hobby lowers stress and helps you succeed at work.[2]

So, give yourself permission to try new things and revisit old passions you gave up long ago. Setting aside just one hour a week for personal exploration can significantly change your life.

Who knows? Your creative outlet could transform into a thriving business or lead to a new profession down the road.

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2. Focus on Your Strengths, Not Your Weaknesses

Did you know that you are more likely to succeed when you develop your natural strengths rather than work on your weaknesses? The problem is that you probably don’t know where your true talents lie.

Here are a few options to help you discover your unique strengths. You can:

  • Take the VIA Character Strengths Survey[3]
  • Try Gallup’s CliftonStrengths Assessment[4]
  • Answer a few Superpower Questions

Once you understand what makes you tick, you can use these skills at work and your personal life to get more done in less time. If you boost your unique abilities through practice and study, you can accelerate your career and become a leader in a field that matters to you. It’s worth investing in yourself this way.

3. Jumping off a Cliff is NOT Required

Here’s the deal: most people are too afraid to change. When participants first come to my workshops, they tell me they have mouths to feed, bills to pay, and fear that if they follow their dreams, someone will get hurt.

The old saying “leap and the net shall appear” does not comfort them. Because they are hesitant to plunge into the unknown, they believe their only option is to stay put where they are in life. Can you relate?

You do not have to sacrifice the life you have now to start a new one. I was a psychology professor by day and singer by night for years before I transitioned into a full-time music career.

Just take a little time out each week to do what enlivens you through a hobby, volunteer work, etc. Get a feel for it.

Is it what you really want? If so, increase the time you spend doing it and make the transition when the time feels right.

4. Give Your Inner Critic Some Love

The main culprit that keeps you from stepping outside your comfort zone and getting the life of your dreams is KCRP or K-CRAP – the radio station that plays 24/7 in your head. The moment you try to do something interesting with your life it slaps you down with such chart-topping killer hooks as “Who do you think you are?” and “You’ll never be good enough!”.

Have you ever noticed that KCRP’s mean-spirited DJ sounds like your parents, teachers, bosses, and other authority figures who shut you down creatively? These folks don’t need to stifle you any longer (although they often still do) because your inner critic does it for them. That keeps you stuck in a rut.

To break free, try thinking of this DJ as a gruff old grandfather who gives you crap to keep you safe. Remember, this grumpy grandpa is woefully out of touch with the times. So, his stern opinions don’t really matter much, do they? Give him a pat on the back for his good intentions, and put your focus back on what makes you come alive.

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This success principle will give you the courage to venture into the unknown where you can dance to the beat of your own drummer.

5. Embrace Your Inner Weirdo

Many of us don’t go after our dreams because we’re afraid folks will find out how odd or strange we are. But our little eccentricities often turn out to be our greatest strengths. Yes, it’s good to be quirky.

Odds are, you lost track of your true passions and talents before you were even old enough to know you were getting off-track. You became slowly “adulterated” by learning to:

  • Take on family roles that don’t match who you really are.
  • Spit back what teachers taught you in school rather than risk getting bad grades for being original.
  • Hide parts of yourself that don’t seem acceptable to certain social groups.

The price for fitting in is that you may wind up leading a life that doesn’t fit you all that well. Your true calling becomes clear when you embrace what makes you different from others and allow yourself to stand out from the crowd, even if it feels awkward.

Often, the very qualities you view as your flaws are your greatest gifts.

6. See the Bigger Picture to Find Your True Calling

I cannot stress the importance of this success principle enough. Your true calling is right in front of you. But you may miss it because you’re looking for it in the wrong place.

To “see” it clearly, try widening your point of view.

Case in point: Maria felt she needed to retire early from being a police detective, so she could travel abroad. I encouraged Maria to think of ways that she could continue to serve as a law enforcer (a career she loved) and travel overseas at the same time.

A few months later, Maria landed a job with the United Nations in Bosnia training the local police force to understand and embrace human rights procedures.

Like Maria, you are an everyday rock star capable of accomplishing greater things than you can imagine. Is what you’re looking for right in front of you, too? Do you have an inkling of what it may be?

Look beyond your day-to-day activities, your current job, and even the town you live in. View your life from an eagle’s perspective and be open to new possibilities.

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7. Try a Little Wish-List Magic

Pretend I’m your fairy godmother and I give you permission right now to be your most magnificent self. What kind of life would be music to your ears? It doesn’t matter whether it seems unattainable or even downright crazy. Write it down on a wish list.

Get quiet. Be honest. Think big.

What would you like your career, your relationships, your health, your finances, and your spiritual life to be like? Jot down enough details so that your wishes seem tangible to you. Then, look at this list every morning before you start your day and every night before you go to sleep.

Sounds silly? It’s not. It works! Permitting yourself to daydream about a rich and fulfilling life is the first step to manifesting it.

8. Take Breaks to Get Clues About Your Ideal Future

Did you know that working straight through to a deadline leads to diminishing returns? Research shows that taking a break for 15 minutes every 75 to 90 minutes can help you recharge, refresh your focus, and get more done in less time.[5]

Wait, it gets better! A Stanford study shows that walking increases your creative output increases by 60 percent. Doing repetitive activities such as walking, running, riding your bike, swimming, and sweeping allow solutions to problems to pop into your mind out of nowhere.[6]

What does this success principle have to do with creating your dream life?

These mini-breaks allow you to get vital clues for what to do next to attain your ideal future. Plus, you won’t waste precious time and energy getting lost in other people’s agendas.

9. Take Action on Your Inspired Ideas

Once an inspired thought pops into your mind, take action.

This is one of the most powerful success principles for turning your dreams into reality; the sooner the better. Whatever it is—from calling an old friend to taking a new route home—be sure to do it!

Pay attention to your oddball hunches. You need to go after what you want, not just dream about it. As comedian Jim Carrey warns,

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“You can’t just visualize and go eat a sandwich.”

10. Count Your Rockstar Moments

Still not sure you have what it takes to get your dream life? This final success principle is guaranteed to help.

Make a list of everything you’ve ever accomplished. As you read back through it, put a star next to each item, and let it sink in.

You’ll be pleasantly surprised by how good you’ll feel about yourself afterward. You’ll also see how effective you’ve been in the past at getting what you want. You’ve succeeded before, you can succeed again.

You already rock. You just need to own it. Trust me, you’ve got this!

Final Thoughts

Eleanor Roosevelt said,

“The future belongs to those who believe in the beauty of their dreams.”

Following these success principles will help you find the time and energy to do the things that really matter and live with clear intention.

By spending just one hour a week doing something you love, focusing on your strengths and achievements, embracing what makes you different, and acting on inspired ideas, you can create a life that is a perfect fit for you, step-by-step.

If you don’t have a clue about what your dream life could look like yet, don’t worry. Your heart knows. It has been “talking” to you for a long time. It’s just being muffled by KCRP, buried under a lot of “shoulds” and fear.

This article can also help you figure out the life you truly want to live: How to Get Motivated and Be Happy Every Day When You Wake Up.

Stand still, get quiet, and listen. It’s constantly telling you what you need to do to realize your own rockstar potential. It may be just a whisper now, but the more you pay attention to it, the louder it will get, and the easier it will be to follow.

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Featured photo credit: Rahul Dey via unsplash.com

Reference

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