What are millennials spending their money on?

What are millennials spending their money on?

What are millennials spending their money on?

Millennials make get mocked for making bad spending decisions, but they're spending less on clothes than their older Gen X peers. According to the same survey from the U.S. Bureau of Labor Statistics, millennials spent just $1,979 on apparel in 2018, compared to Generation X, which spent $2,343, on average.

Are millennials Really Broke?

It's no secret that millennials are broke. ... New research showed that, when considering just older millennials (that is, millennials born before 1990) while white millennials have managed to start closing the wealth gap between them and older generations, Black millennials have actually seen the gap widen.

What are the psychographics of Millennials?

Millennials make up the most diverse generation yet, making them accepting of others. According to their psychographics, they are impatient and will usually take the easier alternative. This generation is full of creatives and multi-taskers.

Why are Millennials struggling financially?

Many members of the millennial generation failed to make economic gains during the long recovery after the Great Recession. Millennials were tapping retirement savings, reliant on high-interest loans, and racking up student debt even as the U.S. economy grew and the stock market set records.

Which generation has the most debt?

Generation X Generation X held most of the debt at 38.

What are the traits of Millennials?

Characteristics of the millennial generation

  • Values meaningful motivation.
  • Challenges the hierarchy status-quo.
  • Places importance on relationships with superiors.
  • Intuitive knowledge of technology.
  • Open and adaptive to change.
  • Places importance on tasks rather than time.
  • Passion for learning.

Where do rich Millennials live?

California is home to 44% of the nation's millennial millionaires, between the ages of 23 and 28, who are concentrated in Silicon Valley. New York, Florida, Massachusetts, Texas, Washington, New Jersey, Virginia, Illinois and Maryland round out the top 10 states.

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