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: "An athletic hoodie never goes out of style according to me. It's easy, can get dirty, and you'll show a bit of school pride. Besides, no one expects you to look top dollar every day in graduate school.” –Male, 27, MD

The hyper-monitored childhood of the next generation has them growing up tech-supervised, and now teenagers are getting the same treatment with the new app Ignore No More, dreamed up by one frustrated mom. The app gives parents the ability to control their children’s phones, shutting down everything but parent-approved contacts and forcing them to call home for the unlock passcode. Since Millennials consider their mobile devices to be their personal and private property, installing the app might prove to be the biggest challenge. (Jezebel)

Teen males have been the most sought after demographic in the gaming world—until now. Females make up 48% of gamers in the U.S. and women over 18 outnumber teen males in the game-playing space, especially with the “surge in casual mobile gaming” apps like Candy Crush, Hay Day, and Kim Kardashian: Hollywood. The increase of women gamers extends well past smartphones, and male-targeted games, like Assassin's Creed, are opened up to a new audience thanks to the prevalence of "couples play." (WSJ)

Instagram can be used for more than just image sharing, and since Mazda feels the platform is “still a bit untapped,” they are charging ahead with a new digital-only marketing campaign to promote the MX-5 Roadster. The Mazda Canada account will debut a new 9-tile magazine page spread each week, where each square in the design opens to a video showing “history vignettes” about the car’s design and mechanics. This Insta-mag campaign will serve as a soft launch for the Roadster to 18-35-year-olds, giving them quick, visual bites of information that build the car's story and appeal. (StreamDaily)

Michelle Phan, an original YouTube star, has been able to translate her online fame offline through a makeup brand, beauty subscription service, book deal, and the creation of a digital network to scout and manage new online talent. Millennials find online stars more approachable and authentic than professionals and Hollywood A-listers, a reason why these days “any company that has money is approaching YouTubers.” Since 80% of YouTube traffic comes from outside the U.S., stars like Phan are planning to expand to branded partnerships in global markets. (Mercury News)

It is easier than ever to unknowingly enter unwanted contracts online, so a group of teens is pushing to reinstate a lawsuit against Facebook for using their names and images in social ads, even though the fine print lets the social network do so. While this generation is concerned about privacy and content rights online, the court originally felt that putting user content in social ads was a “fair exchange” for using the social network. (MediaPost)

Need to know what a certain subset of Millennials is thinking? Silver and Gold Tier subscribers have access to Advanced Instant Poll tools, giving them the ability to submit questions to our mobile social community of 2 million 13-34-year-olds and target specific ages and gender like female teens or males of college-age. Targeting by age or gender (or both!) gets more focused responses and can be used for gut-checks statistics on key demographics. (Ypulse)

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