Millennials Embrace High-Low Budgeting

High-Low BudgetingMillennials are savvy shoppers and are often smart about their spending. They research items before they buy them, get their friends’ opinions, find the best deals, and search for discounts or coupons. However, they’re also interested in luxury items and to make such purchases, they embrace high-low budgeting. This means, they’ll splurge on items they really want, such as a tablet or handbag, but they’ll shop at more affordable stores, make their own items, and prepare their own food in an effort to cut back on spending. According to Ypulse research among 1200 14-34-year-olds, 51% say they’re sometimes willing to splurge on luxury items, but they always buy inexpensive items to balance it out. We’ve been noticing this behavior which reflects how resourceful Millennials are and how they’ve adapted in today’s economy.

For example, technology is of huge importance to Millennials and they’re willing to buy the latest devices, which they consider crucial for entertainment and communication purposes. They’re also willing to splurge on some staple clothing items that they know they’ll get plenty of use out of. They’ll even buy designer items on occasion, however, they’re highly aware of how to do so in the most affordable way. They embrace flash deal sites like HauteLook and Gilt Groupe, where they can buy such items for less. They also pay close attention to when stores offer free or reduced shipping and when coupon codes are available. In fact, 43% say they won’t buy an item online if they can't get free shipping.

Additionally, they’re interested in designer collaborations for less such as Target for Neiman Marcus, which enable them to have a taste of luxury in an affordable way. They’ll also buy inexpensive basics at mass merchandisers such as Target or Walmart, trendy items at fast…

 
 
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Millennial News Feed

Quote of the Day: “If I played the lottery tomorrow and won $100,000,000 I would save most of it, donate some of it. And I'd buy my dad a boat, because I promised I'd buy him one if I was ever a millionaire.” –Female, 15, WA

This week, celebrity Photoshopping was debated online when fans criticized Beyoncé for posting an Instagram picture that looked altered to make her look slimmer. The star (and others) have been accused of using Photoshop or other image-fixing apps on social media photos before, a practice that many feel contributes to young female fans’ body issues, and does not align with the imperfection embracing and authenticity that so many young consumers expect. (BuzzFeed)

The Cartoon Network has launched an anti-bullying campaign called “I Speak Up” to encourage kids who have been bullied to reach out to trusted adults. Viewers are being encouraged to submit videos (with the permission of their parent or guardian) to share the anti-bullying message, and some of those videos will be featured in the campaign online and on TV. Visitors to the Speak Up website can also take a pledge to stop bullying, and earn special badges while playing Cartoon Network games. (PR Newser)

Young consumers are screen multitaskers, and second screen use while watching TV is a norm—but it’s not always clear to brands how they should engage in that behavior, and just throwing a hashtag on the screen isn’t going to cut it. Now Twitter says that studios and networks that live-tweet their popular programming (post and respond to viewers while the show is happening) can “dramatically boost followers and Twitter mentions” and even bump up TV ratings. (Recode)

YouTube is coming to the big screen. The digital comedy duo who create SMOSH, a channel with 30 million subscribers, has created a movie that will be distributed by Lionsgate. The movie is being described as a “Bill & Ted’s Excellent Adventurefor 2014” and will star a slew of other YouTube stars. The news is another example of traditional media embracing YouTube to entice young consumers, and the mainstreaming of the site’s stars. (Fast Company)

New research has found that across all grade levels and subjects, girls get better grades than male students—around the globe. The results have caused some to wonder if schools are “set up to favor the way girls learn and trip up boys.” Male students might be less able to self-discipline themselves, a key ingredient to doing well in classes, which means that the way education is structured plays into their weaknesses. (The Atlantic

Have some lingering questions about Millennials that you need answered for an upcoming meeting? That’s what Ypulse is here for. Silver and Gold subscribers have access to Ypulse's trend and Millennial experts for quick, personalized feedback on any topic. After each insights article, subscribers can submit questions and requests directly to our experts and receive instant responses. (Ypulse)

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