A recent study has shown how Millennial’s are much thriftier than how they are usually portrayed in the media.
In a study conducted in the UK, the research discovered how 18 to 34 olds in Britain spend $7 per week on coffee, which is 14 percent less than the $8 spent by 35 to 44-year-olds.
The older age group spend close to $192 more per year on lunch, takeaways, hot and cold drinks than the younger generation.
More than half of the 18 to 34 year olds surveyed said they “always” or “often” take a packed lunch to work.
The study also found that 34 percent of Brits believed they would never buy a new car with only seven percent admitting they would rather spend $3 a day on coffee.
Head of Darcia UK, Ben Fletcher, said:
“The findings have shown the younger generation aren’t the frivolous consumers who waste their hard-earned money like some would think. Britain is a nation of financially savvy shoppers who want quality as well as value for money, whether they’re buying a car or a coffee.”
While millennial’s are thriftier than the 35 to 44 year old generation — the 55s are the most sensible when it comes to money.
Of those surveyed, only one in 10 admitted how they have purchased a book in the past year but not read it.
The same figure splurged on clothes which they still have yet to wear.
The average Brit spends roughly $6.50 on coffee, $5.50 on soft drinks, $9.50 on takeout and $10.70 on lunch, totaling in around $32.20 per week.
While 18 to 34 year olds spend roughly $7 on coffee, $7.41 on soft drinks, $11.61 on takeout and $11.73 on lunch, totaling around $37.75 per week.
And last but not least, 35 to 44 year olds spend roughly $8.30 on coffee, $7.77 on soft drinks, $12.76 on takeout and $12.53 on lunch, totaling around $41.36.
In the United States, there are close to 80 million Millennial’s and each year, they spend approximately $600 billion.
Millennial’s include young adults in their 20s and 30s, with many having careers and raising kids, living in their own homes.
But interestingly enough, there are a many similarities between them and the Baby Boomers (born from 1946 to 1964) and Generation X (1965 to 1979.)
Over half (55 percent) of the survey respondents, in all three demographics, said they seek out “the cheapest return option.”
Forty-one percent of all three groups said they practice “showrooming,” which is defined as examining merchandise at a nearby retail store and then shopping for it online to find the lowest price — more often than they did a year ago.
The jump is due to the high penetration levels of smartphones — which gives the customer the ability to search for an item easily, even while in a store.
Thirty-six percent of those surveyed from all three generations said they will go online to purchase from a retailer’s website if they do want a product when the company’s stores are closed.
And 89 percent said that having access to real-time product availability information would influence their shopping choices in terms of which stores they would frequent.
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