This is the 7th post in the Millennials, a Generation of Togetherness, but Full of Contradictions series. Each post will highlight a specific aspect of the millennial’s life.
Millennials learned (and are still learning) they couldn’t possibly live their lives or handle their money the way their parents and grandparents did. The economy is different, technology evolves at an incredible rate, and the Internet has allowed us to connect and interact with one another in ways we didn’t think possible. These differences have shaped millennials’ minds differently. Their priorities are different. Their methods are different. They will not allow others to tell them what to do or how to do it. They see the world in a different way and now, its even more accessible than before.
They want to live everything the world has to offer them.
Expensive Things, Are They Valuable?
What would happen if we presented a group of Gen X people or a group of Baby Boomers with the following statement: “I would like to have a lot of expensive things”? They’d probably agree. In the times of millennials’ parents and grandparents, things of high value meant a lot: status, high socio-economic class, power, and wealth.
When we gave millennials the same phrase, only 18% felt this way. Things aren’t so important to millennials, not even expensive ones. Even in the current economic situation, millennials would rather budget and shop smarter to be able to enjoy the things they truly treasure…experiences.
Money Isn’t Everything, But It Helps!
We guess this is a phrase a lot of people agree on across generations. Millennials aren’t the exception with 61% agreeing with this statement. However, that number drops all the way to 13% when we provided the phrase “I would love to be a millionaire”.
To millennials, money isn’t everything. It’s great to have it since it pays the bills and puts food on the table. Millennials use their hard-earned money to provide for themselves, their family, friends, and acquire experiences: travel, try new restaurants and foods, visit new places, discover new people, and make memories.
Millennials see money differently from their predecessors. The accumulation of things isn’t as important as the accumulation of experiences. In the end, wealth is something that could happen, but is not strived for.
This generation is aware of their reality and they work to make the best of it. They don’t believe in having all the money in the world, but rather in using whatever they have to live well and live life to its fullest.
Let’s explore how millennials impact your business and how we can help you engage with them. Contact us at DLCinsights@delacruz.com. Stay tuned to our blog for more and be sure to follow us on Facebook, Twitter, and LinkedIn.