Mar 24

How millennials are spending money – Business Insider


Where are these young people spending their money?

Forget clothes and shoes.

We’ve known that consumers prefer to spend money on technology as opposed to apparel, but Jim Cramer — according to Carl Quintanilla — has stated the three places where they’re actually choosing to spend their hard-earned cash:


Reuters/Damir SagoljA phone runs the Uber application.

Jason Dorsey, a millennial expert at the Center for Generational Kinetics, told Business Insider in a note in January that millennials — and teens — prefer to spend money on experiences and technology.

Uber sits in the sweet spot between those categories.

More importantly, Uber highlights the millennial generation’s general distaste for owning anything.

“Battered by student loan debt and the Great Recession, Millennials place less emphasis on owning and more on sharing, bartering and trading to access coveted goods,” Jilian Mincer of Reuters reported last year. “These behaviors have propelled businesses such as car rental service Zipcar, taxi service Uber and home rental site Airbnb.”


Ahn Young-joonA visitor tries out a Samsung Galaxy Note 4 smartphone during the 2014 Korea Electronics Show in Goyang, South Korea.

Having a cellphone is a must for young people. In fact, a recent Harris Poll survey noted that, quite simply, young people can’t function without their phones.

Phones often serve as chief modes of communication, and it’s not a secret that millennials love chronicling their lives on social media — almost as much as Generation Z.


Young women love makeup. When Goldman Sachs and Teen Vogue polled fashion-forward women ages 13 to 29 to find out their favorite brands, MAC Cosmetics came out on top. Other cosmetic companies in the top 10 included Sephora, Urban Decay, and Make Up For Ever, proving that young women have a strong affinity for cosmetic companies.

Source: How millennials are spending money – Business Insider

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