As a generation, millennials – with their progressive mindset – are leaving an impact in today’s world. This recent article illustrates this point and acknowledges the key things that millennials are changing as a result of lifestyle choices and spending habits. To summarise, these include:
- Eating Out – As a health conscious and time conscious generation, millennials have vastly different preferences when dining out to other gens. Interesting, millennials are on track to become the biggest spenders at restaurants within the next decade.
- Later (and smarter) home purchase – We all know the financial constraints that exist – and millennials recognise that becoming a homeowner isn’t a realistic goal any time soon.
- Shopping – Two-thirds of millennial shoppers make half or more of their purchases on Amazon. But not just that, millennials are savvy spenders – researching a product before purchasing (including customer reviews).
- Working out – Millennials are social and enjoy doing things in groups, with preferences for fitness experiences rather than the traditional gym.
- Warehouse clubs (bargain/bulk stores) – Places like Costco aren’t appealing to millennials, forcing these companies to think more strategically on their marketing and services.
- Cable TV vs streaming – Hello Netflix. Up to 60% of young adults in the U.S. primarily use internet streaming services to watch TV, including on devices (phones, tablets, laptops).
- Healthy food choices – Millennials are opting for healthier alternatives when it comes to food and relying more on app-based meal order delivery services, such as UberEats over sitting in fast food drive throughs.
- Marriage – Millennials are opting to get married later in life, if at all.
- Saving for retirement – Given the day to day cost of living, it’s been put on the back burner so to speak. However, it’s not to say that retirement savings plan isn’t thought about.
It’s quite remarkable when we consider things that we may often take for granted, are in fact being influenced by this generation.
*Image courtesy of https://bit.ly/2YVz4YC