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: “My dream for the future is complete financial independence from parents and any others, and a very satisfying career that I enjoy (a high salary would be a plus, but not essential).” –Male, 25, PA

The pickup game could become a thing of the past. According to ESPN, playground basketball as we’ve known it is dying. Crime has pushed many urban kids off of outdoor sports spaces to indoor courts that can be controlled. Meanwhile, high school players who want a future in the sport are turning to organized leagues like the Amateur Athletic Union over yard games where “street cred” ruled over building skills to showcase for schools. (ESPN)

Let wants to be the “ultimate, coolest” social network for teens. The app was built on the concept that “Facebook is not for teenagers anymore” and that they are looking for a more positive, gamified experience. Let creates leaderboards to show the members who have amassed the most stars, the equivalent of a Like, and has recently gained members—reportedly doubling in size every two weeks—thanks to YouTube stars like Jake Boys joining and “bringing their followings with them.” (TechCrunch)

Are Millennial marriages in beta? A lot has been said about the generation’s delayed walk down the aisle and their rearrangement of traditional adult milestones. Now, a new study has found that even after they’ve walked down the aisle it might just be to test the waters: 43% of Millennials “would support a marriage model that involved a two-year trial,” and 33% would be open to licenses that require the “terms” to be renegotiated after a certain amount of time.  (Time)

Young consumers have made music streaming their clear preference, and it is currently the only area in the recorded music industry experiencing growth. Apps like Spotify, Pandora, and iHeart Radio are competing for their attention, and their loyalty. But an epic streaming battle could be about to begin: tech titans like Apple, Google, and Amazon are acquiring their own streaming tools in order to control the future of the music market. (Quartz)

Some are dubious as to whether social apps can create real media stars, but it can’t be denied that for young artists today the path to fame has diversified, and online followings can impact careers. Case in point: 15-year-old Vine star Shawn Mendes’ self-titled EP hit No. 1 on iTunes only 37 minutes after its release, thanks in part to his 2.9 million followers spreading a #ShawnToNumber1 hashtag. (Mashable)

Quote of the Day: “My dream for the future is to become an entrepreneur so I can become my own boss. I also want to become successful to help other people who are in need.” – Female, 23, CA

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