Why Millennials are Not Cheap
A recent article in CNN disputes the idea that Millennials are cheap and don’t like to spend. It is true that Millennials don’t like to buy cars or houses, which could be disastrous for our future economy. But Millennials do enjoy spending money – just on different “things.”
“Millennials are much more likely to spend money on things they can share with friends, whether it’s a nice dinner out, a weekend road trip or a one-of-a-kind experience.”
So what do Millennials enjoy spending money on?
1. Travel – Millennials on average take 9 trips a year for leisure. They’re keenly focused on unique encounters and cultural immersions, and seek to collect truly transformative moments, rather than just resort-based fun.
2. Technology – Though the television is declining, smartphones and new technology gadgets are on the rise. Millennials are willing to pay for the most expensive smartphone if they like it. The smartphone isn’t just technology to this generation but a way to stay connected at all times with friends and family.
3. Training– Millennials are spending more on education than any prior generation to date. Not just school loans, but going to higher education or getting training certificates. This is also linked to how they aren’t spending money on homes/ cars, since while they are in school, they probably aren’t earning much money. But an investment in education is definitely a long-term benefit.