Understanding Where Millennials Spend Their Time and Money

Move over, Generation X, the millennials are here and it’s their time to shine in this age of powerful smartphones, lightening fast Internet speeds and a whole new way of connecting with loved ones and businesses.

At a recent EventBrite event in Los Angeles, Julia Hartz, one of the founders of the company, explained how nascent technologies are changing the way we experience social events. Hartz also discussed how this new generation of millennials are spending their two most valuable resources: time and money.

Accessibility More Valuable Than Ownership

Hartz explained that this generation of young people value the accessibility of products and services they care about. They don’t care to own as much as they care being able to access certain things. For example, look into the popularity of services like Airbnb where clients can sign up for short-term rent versus buying property or being locked in a long contract.

Zipcar is another great example. People want to rent a car versus buying one—bypassing the need to pay monthly fees and maintenance costs. Other noteworthy examples of accessibility versus ownership that are attracting the attention and money of millennials are Montreal-based Bixi and Boston-based Hubway.

Online Shopping More Popular Than Ever

Teens don’t fear the Internet, that’s a given. What’s surprising is that most of them actually prefer to shop on the Internet versus buying stuff in brick-and-mortar stores. In a study published by Piper Jaffray, their semi-annual report spoke of this spending habit of millennials.

One thing worth mentioning, though, is that Gen Y prefers to shop on websites that also have physical stores, versus shops that have a purely Ecommerce presence. Another shopping habit of millennials is they love to conduct their purchasing through their smart phones. Teens also like to interact with their favorite brands via social media, making a strong social media presence all the more relevant if you want to reach millennials today.

Social Causes are Given a Priority

Today’s young generation loves brands that are involved in social causes. They prefer to purchase items from companies that promote a brand that appears authentic and worthy off their valuable money and time. Brands that portray an image as being in line with the millennia’s’ values are preferred. You’ll find teens today wearing clothes from brands that advocate a social cause. This is because Gen Y members want brands that truly represent who the teens are as individuals.

One great example of this type of brand is Shop Jeen. The brand has ad campaigns that feature the digital age and has a theme that shows there are no boundaries. A millennial founded the company so you can bet this brand knows what it’s talking about. Shop Jeen’s exaggerated and whimsical style resonates significantly well with today’s generation.

Gen Y is a generation that doesn’t like operating within boundaries. Gender today is seen in a completely different light. If you want to tap into the mindset of today’s generation, make sure you have an open-mind and your marketing efforts must reflect this mindset.

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Malik Mack

Malik "Mr. EntrepreNoir" Mack is a serial entrepreneur based in Harlem, NYC. Malik owns and operates a few different companies but finds purpose in helping others develop their companies from the ground up. EntrepreNoir was created to spread that help across the world.