Millennials spend more on convenience, online shopping, eating out, experiences and travel, streaming services, debt, and social impact by donating and buying from socially responsible brands. On the flip side, Millennials spend less on cars, clothes, housing, and retirement than previous generations.
Housing, with $34.78, is the biggest daily expenditure for Millennials. 78% of Millennials say they prefer spending on experiences rather than things they desire. The spending power of Millennials is $2.5 trillion. Millennials spend 26% of their monthly income on rent or mortgage payments.
Millennials' preference for short-term products can be attributed to our aversion to the effort, cost and time needed to maintain and repair long-term items. Convenience and immediacy of use are also desirable qualities in a product, as we want something we can access quickly without investing in its upkeep.
Of course this generation isn't buying items like alarm clocks, calculators, landline phones and GPS devices, because they don't need them. Their phone does it all, making life easier and more accessible.
The Deloitte and Robin surveys both show that Gen Z and millennials want a better work-life balance, better learning and development opportunities, improved mental health and wellness support, and a greater commitment from businesses to make a positive societal impact.
Wellness Programs
As a result, millennials want job benefits that demonstrate a culture of caring. Wellbeing apps, health screenings, on-site fitness centers or gym discounts, yoga classes, and personalized experiences like stress reduction and weight loss programs are all popular offerings.
Born between 1981 and 1996, millennials are the largest generational cohort, comprising nearly 22 percent of the United States population and 35 percent of the U.S. workforce. They are tech-savvy, care about more than just a paycheck, and are accustomed to having a voice and a seat at the table.
According to a recent survey of Gen Z's shopping habits, the top products consumers in this age group (defined as those aged 18 to 24) purchase online are those in the clothing and shoes category. As many as 65% of Gen Z shoppers—or close to two in three—say they get these items over the internet.
Housing is the number one cost, followed by groceries and debt. Overall, Millennials have started saving earlier for major financial goals like retirement and now represent the largest cohort buying homes.
the growth of the experience economy. More than 3 in 4 millennials (78%) would choose to spend money on a desirable experience or event over buying something desirable and 55% of millennials say they're spending more on events than ever before, with no signs of slowing.
Branding for millennials is as easy as offering a high quality product that makes them look or feel great. When millennials enjoy products that make them look and feel great, they share their experiences online, in social media posts, product reviews, and even YouTube videos.
Nearly three-quarters (73 percent) of millennials are saving for life milestones and future goals, a 10 percentage point increase compared to 2018. Three-quarters are saving for retirement, while 51 percent are building an emergency fund.
What's Their Biggest Personal Goal? Education, career, housing, finances, health—these are the things Millennials are thinking about.
Pharmaceutical products: 28% Automobile parts or accessories: 26% Jewelry and accessories: 25% Home and garden: 24%
The main reasons Gen Zers and millennials are considering switching jobs haven't changed, with higher compensation, improved work-life balance, opportunities for career growth and flexible work arrangements all ranking as top priorities, per LinkedIn's research.
Millennials and Gen Z are less enthusiastic about having children than their parents. The reasons are many: financial, social, and biological, along with the preference among younger generations for “freedom.” America's falling fertility rates have been a cause for concern for several decades.
According to a 2021 Consumer Culture Report by 5WPR, Gen Z is prioritizing electronics, technology, health, and wellness. Conversely, Millennials and those from older generations prioritize travel and experiences, home goods, and furniture.