Jan 22 2019
We see all the headlines about what Millennials and Gen Z are killing. But despite the clickbait, these generations are spending powerhouses that can make (or, yes, break) industries in the coming year. So what are they gearing up to buy? In our recent survey on their plans for the new year, we asked 13-36-year-olds, “Is there anything you know you’re going to buy this coming year – if so what is it?”* Here are the top 20 things they told us they’re planning to purchase in 2019:
*This was an open-end response question to allow us to capture the full range of items that Gen Z and Millennials say they plan to buy—without our preconceived ideas shaping their responses. As with any qualitative question, the responses include those that are top of mind and those that are most popular. The lists are ordered according to number of responses received, and alphabetically when ties occurred.
They might not be buying them as fast as the industry wants them too, but cars made the top of the list of items that young consumers plan to buy this year. Last year, we wrote about how these generations are changing, not killing, the auto industry, and Brandwatch predicts that by 2020, 40% of new car buyers will be Millennials.
You’ll notice that travel made the top 10, not too surprising for the generations that prize exploration. If you’re wondering where they’ll be heading, Refinery29 reported that Bora Bora has already been declared the most popular Millennial travel destination of 2019. That’s according to Hopper, a travel app that analyzes ticket prices and sends alerts on when to buy, their mostly-Millennial user base are tracking trips to the idyllic locale 24% more than last year. Other destinations that have seen a spike in popularity? St. Martin, Aspen, Indonesia, and more.
Another major purchase that appears high on the list? A house. Despite having an entire Monopoly game devoted to their lack of real estate purchases, Millennials are purchasing houses, though it’s happening later in life for this generation, as we can see clearly when we look at their planned purchases by age:
House/real estate only made the top five among 25-36-year-olds, a clear sign that these generations are waiting to make this major decision.
Interestingly, smartphone made the top five list for all groups—and brands will likely be on the edge of their seats to see what kind of smartphone they’ll be buying, after hints that iPhone’s luster may be wearing off.
To download the PDF version of this insight article, click here.
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