Call to mind the stereotypical millennial and you'll probably envision a twenty-something who lives in a city, wears headphones as they ride public transportation to their job at a tech startup and, at some point, has lived in their parents' basement post-graduation from college. While not every millennial stereotype is spot on the money, data suggests at least a couple are accurate -- such as the notion that millennials really do spend more on experiences over "stuff." According to the numbers, millennials are less likely to own cars, they're more inclined to rent than to own and they love dining out. Seventy-eight percent of millennials choose to spend money on a desirable experience over buying a desirable thing, and 77% say their best memories are from events or live experiences. Sixty-nine percent of millennials believe that experiences make them more connected to other people, the community and the world.
This time, a study by Barclays looked into generational spending habits found that millennials spend more than £3,300 each year on coffee, food, going out, and clothes. SEE ALSO: I'm a millennial and, believe me, coffee is not the reason I'm broke Per the findings, emailed to Mashable, a survey of 20 to 37-year-olds found that the average bill for these items comes to £3,312.74. In a press release, Barclays said that millennials could save "a whopping £10.5 billion a year by making minor changes to their spending habits." A breakdown of the spending shows that millennials spend an average of £904.20 per annum on socialising, £738.96 on new clothing, £705.96 on eating out, £522.60 on takeout food, and £441 a on "daily treats (coffees etc)". That means that millennial coffee expenditure on average amounts to about £36.75 a month, which won't exactly break the bank (pun intended) in the grand scheme of things.
Companies have been hearing for years now that resonating with the millennial generation is vital for strategic growth: they are comprised of more than 83 million consumers, have $200 billion in annual buying power and will spend $10 trillion over their lifetimes… all in the U.S. alone. As the largest generation in the workforce they simultaneously command influence over entire industries (auto, health, food and beverage) and other demographics (generation X and baby boomers) alike. Still, though so many analysts have quantified the importance of the millennial generation, few have examined the effect of their diverse offspring, generation Alpha. Born since the year 2010 (and until the year 2025), generation Alpha are the children of millennials. This new generation hasn't even established credit, and yet they're impacting the spending behaviors of their millennial parents (who also happen to be entering their prime spending years).
When it comes to money management, millennials are the black sheep of the financial family. They prefer Spotify (subscribing) over iTunes (buying); would rather call Ubers than buy cars and will rent apartments rather than invest in properties. They prefer to spend on experiences rather than investing in the future. Unlike their parent's generation, millennials have received very little formal financial education. They grew up in the age of digital banking and and credit cards, which has since evolved into a "cashless" society of mobile payments and automated checkouts, leaving them detached from their spending.
Millennials are many things, but above all, they are murderers. Indeed, if an alien landed on Earth and read a few headlines, they would likely believe millennials are nothing but ruthless life-ruiners, determined to crush every outdated workplace concept or fast food product standing in their way. The reality, though, is probably closer to this: some things don't make sense for millennials to do, so they don't do them. Sure, diamonds are nice, but so is freeing yourself from crippling student debt! Anyway, here are all the things millennials have been accused of killing.