Millennials Seem to Be Spending the Most on The Basics
When it comes to spending habits, millennials seem to be a bit different to past generations. While some generations are known for their extravagant lifestyles, surprisingly, millennials are spending their hard-earned dollars on the basics. This may seem shocking to some who once believed that those in the millennial generation would be using their income for frivolous items. Today, we are going to learn more about the areas this generation is spending the most on.
Millennials Are Food Crazy
One of the biggest millennial spending habits is food. It seems that this generation is completely in love with food and buy it more often and in larger amounts than generations past. On average, millennials spend around $9,500 a year on food which includes groceries and eating out. You can often find millennials returning to the grocery store several times a week to replenish their food supply. Take-out is another popular food item that millennials seem to love. During the weekend and even on weekdays, millennials can often be found crowded around their dinner table with their family enjoying a meal from a restaurant.
They Spend a Ton on Gas
It appears that the notion that millennials all live in urban areas and take city transportation is a falsehood. The truth is most millennials travel back and forth to work in their own private vehicles and are spending more on gas than other generations. They are also taking to the sky less and going on road trips instead of flying. Older millennials in their mid to late 30’s are using even more fuel. But this is probably because many are starting families at this age and taking their children back and forth to school. On average, millennials are spending $254 a month at the pump compared to older generations who are only spending $211.
Some Are Getting Rewarded for Buying the Basics
When it comes to buying the basics, some millennials are getting smart and using credit cards the right way. These men and women are using cards that offer generous rewards points. Each time they fill up at the gas station or buy groceries, they are accumulating points that they can use for free stuff and even airfare. Some members of this generation are taking their entire family on a vacation with the points they have earned! When you spend so much of your income on the basics, there is little left for the finer things in life. But thanks to rewards cards, millennials seem to be able to have their cake and eat it too!
As you can see, millennials spend quite a bit more on life’s basic essentials. Maybe this is because they are having larger families and need to spend more money at the grocery store. Also, life is faster now and spending extra money on take-out is just one way to save some valuable time. But all this spending is not as bad as it seems and the economy is surely getting a boost from it which is good for every generation.