How Millennials Are Spending Their Money

When it comes to spending money, Millennials are an interesting breed. No one seems to be able to figure them out. One thing we do know: Unlike their predecessors, millennials aren’t buying homes.

Australian millionaire Tim Gurner recently suggested on an appearance of Australia’s 60 Minutes that avocado toast is the problem, advising Millennials to stop spending so much money on it if they want to buy homes. This, of course, led to his being mocked on the Internet, and widely. Of course, it’s actually much more complicated than the cost of having someone shove a fork into an avocado and sticking it on some bread. Plus, when The New York Times actually fact-checked that claim, and research suggests that that’s not exactly the case.

So, if it’s not all going to avocado toast, how are they spending the money they earn? It might be worth a look at where their values tend to lie. According to a survey, millennials care about education. With a sudden massive influx of funds, 35% of millennials say they’d go back to school, compared to 22% of Generation X, and just 13% of Baby Boomers. That’s great in principle, but these days more millennials are attending college than ever before, all graduating with ever-increasing student loan debts, and most wind up coming out of college with a mortgage payment without a house to show for it.

What are they buying then? According to Forbes, it’s not possessions. They cite a survey whose results said that live performances including sporting events and concerts are more important to millennials than things. They’re increasingly engaged in the experience rather than the commodity, and will seemingly shell out accordingly.

How do you sell to them, then? Make it more about the experience than what it actually is you’re selling. If it’s luxury leisure products you’re hoping they’ll buy, for example, like a hot tub or pool table, don’t try to sell them on the hot tub’s different settings. Make it about the good times to be had there.

Millennials may behave differently than other generations, but you can still work with, hire, and sell to them. This is a generation of people who know what they want and are willing to go after it- all you have to do is meet them there.

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