Sixty percent (60%) of millennials decreased their spending habits as a result of the coronavirus pandemic, according to a new survey from Clutch, a B2B ratings and reviews platform.
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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.
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This generation has also experienced fallout from two recessions.
Millennials factored necessities into their budgets but found themselves cutting back on different luxuries and adjusted their plans accordingly.
Nearly Half of Millennials Cut Back on Travel
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.
Mason Miranda, a credit industry specialist at Credit Card Insider, and his wife found hiking and sightseeing to be perfect opportunities for adventure that fit within their budgets and within social distancing guidelines.
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