Sixty percent (60%) of Millennials have decreased their spending habits as a result of the coronavirus pandemic, according to a new survey from Clutch, a B2B ratings and reviews platform. Only 5% of Millennials spent more money in March and April.
The top four expenses for Millennials during the coronavirus pandemic are:
- Groceries (40%)
- Alcohol (13%)
- Restaurants (8%)
- Health and beauty (3%)
An article in Business Insider describes Millennials as “the generation paying for things that were previously seen as taboo by their parents,” such as rentals, plastic surgery, and ridesharing. Their spending habits are also seen as a result of technological and economic advancements.
Millennials, who have experienced fallout from two recessions, factored necessities into their budgets but found themselves cutting back on different luxuries and adjusted their plans accordingly.
Travel plans halt
As travel regulations took effect, 40% of millennials stopped making vacation plans for 2020. Twenty percent (20%) of Millennials canceled scheduled trips, and only 15% continued making travel plans for the rest of the year.
As regulations continue to shift, small car trips might be the new normal for the travel industry.
Takeout habit continues
Although Millennials spent less dining out at restaurants, 50% are still eating takeout and ordering delivery during the coronavirus pandemic. Only 28% of millennials did not use pickup and delivery options for their meals.
Those who continued ordering out had different reasons for their decisions. Some felt that it was hard to recreate some of their favorite dishes, while others ordered takeout to support their local businesses.
To read the full report, click here.