We’ve often hear people talk about how much millennials
are “entitled“,
“spoilt”
and very willing to spend on frivolous things that their parents
would balk at. But does spending on things their parents would not
necessarily make them careless spenders? If you look a little
deeper or speak to them, you might be surprised.
Here are 4 common things millennials spend on that
their parents most likely do not, and why they choose do so.
Chanced upon a cafe’s menu selling toast with scrambled
eggs that costs $15? Millennials still visit these “overpriced”
hipster cafes because of more than the food. They find value in
paying a premium for the ambience, music, and the potential for an
“Instagram-worthy” photo.
On the other hand, the parents of millennials are more
likely to visit an established dining place (Ding Tai Fung, Crystal
Jade and etc.) to have the kind of food that they like.
One that millennials are willing to pay for that their
parents are more reluctant to are: phone apps and online
subscriptions. A 2017
U.S. Mobile App Report show that millennials don’t mind
shelling out money for mobile apps, with 46% of millennials
spending at least $5 on an app in 2016.
Rather than see it as yet another unnecessary spending
by the “strawberry generation”, you could also see it as them
wishing to save money. By subscribing to services like Netflix,
they don’t have to pay for expensive outings at the cinema.
With modern innovations, its common for millennials to
use mobile app services such as Food Panda, Deliveroo and UberEats
to enjoy the convenience of having hot food delivered right to
their doorstep.
Going a step further, these food delivery services
often have promo codes that you can apply to get additional
discounts with your meal.
So while their parents might not be inclined to use
such services because of the perception that additional delivery
fees make such conveniences “not worth it”, the average millennial
is probably saving money by eating at home and still enjoying the
same “restaurant”-quality food!
Travelling is something millennials do so frequently
that nobody even takes much of a second glance when seeing travel
photos on social media. While their parents do look forward to the
well-deserved holiday once in a while, millennials set the standard
for what it means to be a “frequent flyer”.
However, does that mean that millennials spend alot
more on travel? Where do they get so much money, anyway? The short
answer is that they are probably going about their travel in a very
smart way.
Scoot’s Take Off Tuesday or Jetstar’s Friday Fare
Frenzy are sites millennials visit when planning for an overseas
trip. Being young, millennials are more willing to sacrifice
comfort for cheaper deals. They would choose budget airlines and
use frequent flyer miles to save extra money.
Millennials, being tech savvy, are strategic about
where and when to book vacations in order to secure the best
experience at best price.
The hotel industry has been affected with the
increasingly number of millennials travellers who are very
comfortable using services like Airbnb, which offers accommodations
at potentially a fraction of what it would cost to stay in a
hotel.
source
