Millennials know a thing or two on pinching pennies. Although 18-34-year olds are buying more than Boomers and Gen Xers, and going out twice as often, they are actually spending about 25% less, according to a new TD Bank report. The average U.S. consumer spends $32,000 on bills, entertainment, food, clothes, travel, and more yearly while Millennials on average spend about $26,000. Millennials’ cost-consciousness and value-oriented shopping behavior is likely behind their lower budgets. However, young consumers are spending more than other age groups on one item: about $80 monthly on their beloved coffee, $13 above average. (CNBC)
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