10 Things Millennials Waste Their Money On
It seems undeniable that people hold a great interest in the Millennial’s preferred lifestyle. There are many articles that tackle their career choices, consumer behavior, and emotional health. This interest may be due to the current generation’s population and their deviance to several norms.
Millennials are the generation that grew up in an analog world but they were the first one to take hold of the latest gadgets and technology. They are famous for the temper and wanderlust behavior. They are aware and most of them are politically correct but Millennials are driven to break stereotypes and barriers that continue to divide the world. But they are also viewed by others as dependent and spoiled!
We are all entitled to our opinion about this particular generation. But this list is more than just an opinion. It’s a list backed up by math on what the millennials spend their money on.
One day delivery
It only seems reasonable that the generation who are the pioneers of online shopping doesn’t want the long wait. Surveys of some logistics company show that millennials are more likely to spend on a one-day or express delivery than the Baby Boomers and the Generation Z.
The New York Times found a surge of express delivery over the years and the demographic is usually millennials shopping clothes and alcohol online.
Take out coffee
Due to people’s current obsession with coffee and anything take out, research shows that millennials are one of the major contributors to this industry. 60% of millennials find it okay to spend money on coffee that costs more than $4 a cup. Only 29% of the Baby Boomers and 40% of the Generation Z are into this lifestyle.
No wonder the number of coffee shops continues to increase. Starbucks Coffee is also getting richer by the day, thanks to our coffee-consumerist behavior.
Booking concert tickets and music festivals are one of the Millennial’s favorite hobbies. One of the most famous music festivals that Millennials anticipate annually isCoachella. These music festivals are usually week-long events that are now commonly held in desserts.
Almost 73% of the Millennials find buying concert tickets a wise spending. This also includes movie, sports, and plane tickets. It’s very evident that the Millennials are free-spirited and are more likely to invest more in experiences than things.
Taxis and Ride-sharing transportation
Taxi used to be more of a luxury for the older generations. Only the nobles were able to afford the private means of transportation. But decades later, taxis became a commodity rather than a luxury. It became a favorite option for people who are running late for work and could not afford the delay.
Then, it comes Uber, Lyft, and other ride-sharing services. It greatly brought a huge convenience to many commuters, especially the Millennial commuters who seem to lack patience in waiting for the train or bus. Almost 53% of rise-sharing and taxi riders are Millennials. They are the generation with the highest score in this survey. The Baby Boomers, on the other hand, are the least likely to spend an extra dollar on this kind of transportation.
Convenience store foods
Millennials are known for their attitude to want all things fast and convenient. They always want to take the shorter route to their destinations. This is why the older generation sees them as impulsive and impatient.
This generation’s want for everything instant gives life to the convenience store. They are more likely to buy food in these stores than going out to supermarkets and do the entire grocery list. They commonly purchase food and drinks that are good for just one eating. Some Millennials don’t have the attitude of buying in bulk and storing foods. They grab what they only need and return to stores when another need arises.
Millennials are the number one consumer of everything organic, from makeup to food. Maybe it’s because they are more health conscious compared to other generations. But one major factor that keys in into this behavior is the social media. They are always exposed to bloggers and social media influencers who have a strict organic-lifestyle.
They will not mind spending an extra dollar or two as long as the product they are buying is organic. This is also the motivation of the rising Vegan makeups.
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