SPENDING HABITS MATURE AS PANDEMIC TAKES A HOLD

The time to grow up has finally come. No more spending on frivolous avocado toast and ridiculous lattes. There is no room for non-essentials, no matter how essential caffeine might be to the average millennial. It’s all about groceries, personal items and household goods from here on out, and it only took a deadly pandemic to get to this point.

According to a First Insight Survey, 54 percent of millennials say that the novel coronavirus has impacted the way they spend and they are also the generation that has changed their spending habits the most since the pandemic started. Now they are saving their chips for an economic recession instead of spending it on cutesy, retail therapy items.

Most millennials are spending their money on groceries as well as saving it incase they do get infected with COVID-19 and need treatment. (And yes, millennials are as susceptible as anyone in contracting the virus). About one-third feel unsure if they could handle the costs of treatments, even while being insured.

Let’s not get carried away in this whole renewed hope in millennials thing. There are some opportunists in the generation that are taking advantage of cheap flights to travel the world and to that we say stay home!

This change in spending isn’t going anywhere even after the pandemic is over, though. 

Millennials are known as the “worry generation” and that will lead to worrying about another pandemic or a crash in the market or simply not finding a job. So now they are saving the little money they do have in savings accounts while also prioritizing their spending. In other words, millennials will finally live up to the Boomer standard. At least we have that look forward to.