One massive difference in purchasing habits between millennials and previous generations is that millennials love personalized ads. When talking to older people, you’ll often hear them complain about ads and people intruding on their privacy. Today’s generation is a lot less concerned about privacy, this is in spite of the fact that no generation has ever faced such clear violations of basic decency and privacy.
Millennials don’t mind seeing ads at all, as long as they are personalized. This generation loves to be pitched with products and solutions, but it does matter to them a great deal that the marketing is directly aimed at them and their needs, rather than just generally aimed at a large audience.
They Buy a Lot More Concert Tickets Than Their Parents
While millennials aren’t buying tickets to sports games anymore, they are buying tickets to musical performances in droves. Popular stars such as Beyonce are experiencing some of their biggest concerts ever, with as many as 50 concerts being sold out just days after their tour is launched. The main reason for these comes from two important factors, the first being today’s much larger reach for influencers, and the second being the ease of purchasing tickets online.
Back in the day, you were not always aware of your favorite music star and their upcoming tour. You were also reminded a lot less often about them, since social media didn’t exist back then. Nowadays, people follow their favorite musical stars on their YouTube channel, and watch their Instagram as they share their life with fans all across the world. It’s also a lot easier today to purchase tickets. You no longer need to call a broker, all you have to do is go to the artist’s site and order them, which also accounts for today’s lower ticket prices.
Millennials Spend Much More Money on Coffee
The most incredible irony about millennials is that while they spend their last dollar on student loans and rent, they’ll still find a way to pay for an overpriced latte. Companies like Starbucks are making a killing among younger people, mostly “hipsters”, and are able to tap directly into their values, making them set all sensibilities aside and purchase coffee from there rather than making one at home, practically for free.
Various reports have found that millennials are highly likely to pay more than $4 for an average cup of coffee, which just goes to show that they tend to have some very contradictory decision-making processes. If you happen to visit a Starbucks in your area, you’ll likely find that it’s full of millennials who are studying, writing blog posts, or hanging out with their friends and uploading filtered pictures of their new frappuccinos.
Millennial consumers have over $1 trillion of the USA's $3.6 trillion in consumer debt, and most of that debt is a result of the alarming amount of student loans that they still owe.
It's quite sad actually, but debt payments take up a big portion of this generation’s monthly expenses as interest costs stack up, making debt payments even harder.
More than half of wage-earning millennials still have no savings set up for their retirement. The fact that millennials earn less than baby boomers did at the same age, they will have a much more difficult time reaching their future financial goals.
Unfortunately, the biggest single practice with millennials is that their savings are trumped by their financial demands.