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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Quote of the Day: "It wouldn’t be Thanksgiving without cinnamon roll breakfast and watching The Twilight Zone marathon.” –Male, 13, CA

Millennials are first generation digital, and have broadcast countless moments of their lives online—but for the most part, they were in charge of their own digital images. For the next generation, this is not the case. Parents today post (often embarrassing, see above) photos of their offspring from the womb on, which destroys any hope of anonymity they might later have. One writer argues that parents should be vigilant about keeping their children’s images off the internet until they are mature enough to decide what they want their digital identity to be. (Slate)

“Me Me Me” and selfie-obsessed. In article after article, Millennials are accused of being the most narcissistic generation to date. But the data often cited to prove this claim might be flawed, and other research has “directly contradicted the idea that Millennials are the most narcissistic of previous generations.” In a study of high-school seniors across decades, little change in ideas about self-esteem and life satisfaction was found, and another found narcissistic behavior is linked to life-stage, not generation. (The Atlantic)

The next generation might be growing up with tech-galore, but they’re also reading some of the same classics the previous generation enjoyed. Book-reading data from 9.8 million students shows that Green Eggs and Ham is the number one book read by first and second graders, and made the top five book list for third graders. The data also shows that girls are reading more than boys, outpacing them after grade four. (Publisher’s Weekly)

Young consumers have made binge watching a media consumption norm, but the full impact of streaming services hasn’t been fully measured—until now. Nielsen will begin to track viewership data on Amazon and Netflix next month, providing content owners with information on the impact of licensing shows to these sites and whether streaming is “meaningfully eating into traditional television viewing.” Previously, Nielsen found that after signing up for streaming services, 18-34-year-olds watch TV less than they used to. (StreamdailyWall Street Journal)

Eek—2014 seems to be the year of bad Barbie press. This week a Barbie picture book titled I Can Be a Computer Engineer is in the spotlight for all the wrong reasons—it turns out it teaches girls they can’t code without a boys’ help. Those protesting the book assert that it is perpetrates a cultural message that “computers are a boys thing,” when brands should be supporting girls who really do like to code. (Recode)

We don’t just deliver data. Along with our bi-weekly survey result data files, we provide our Gold subscribers with a topline report that synthesizes hand-picked, illuminating data points and our insights and expertise. Interesting differences between males and females, older and younger Millennials, ethnicities, and more are highlighted, and relevant statistics are streamlined into an easily consumed, concise, visual takeaway. (Ypulse)

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