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: “It wouldn’t be Thanksgiving without some family drama.” –Male, 23, MA

The Butterball Turkey Talk-Line has found their anthem, and it’s a Millennial hit. The brand has famously helped home cooks with their turkey efforts for 30 years, allowing anyone to call to get their bird questions answered. This year, the Butterball Twitter account is filled with references to Drake’s “Hotline Bling” and its viral video. Sample parody lyrics: "'You always call me on my landline, from the kitchen when you need my help." #TalkLineBling #HotlineBling’” (Digiday)

Though Black Friday mania is still high, there is a burgeoning backlash to the day, and according to Ypulse’s holiday shopping survey, 68% of 13-33-year-olds support companies that close their retail locations that day. E-tailer Everlane did shut down their site for two Black Fridays in protest of the commerce chaos, but this year the site will instead donate all its Black Friday profits to its factory workers to create a wellness program that includes free groceries, English lessons, and health care. The brand hopes to raise $100,000 in their Black Friday Fund. (Racked)

Millennials are growing up, and for many that means they’re starting to host their own Thanksgiving dinners—and they aren’t necessarily following every tradition. A Yahoo Food survey found that 44% of 18-34-year-olds say they’ll be serving ham instead of the traditional turkey, 10% are adding a meatless entrée to their feast, and Millennials are twice as a likely not to serve cranberry sauce, but more likely to deep fry or smoke their turkeys. (Washington Post)

It’s a struggle for a brand that only gets attention once a year, and Stove Top is ready for a stuffing revolution to reverse their fate. The brand has introduced a new campaign starring an “Artisanal Hipster Pilgrim,” a Millennial character who is out to convince everyone to eat stuffing all the time with lines like “I’m sorry, I just thought you might like to enjoy delicious things all the time instead of one day a year. My mistake.” The effort includes four comedic online videos and a hipster pilgrim Instagram. (Adweek)

Since more are hosting their own turkey day gatherings, Millennials are also spending more on Thanksgiving, with an Allrecipe survey reporting that 42% plan to spend more this year than they did in 2014. Vice president of consumer and brand strategy at Allrecipes explains, “’(Millennials) are more likely to be buying more artisan, local-crafted products. They pride themselves on being tastemakers and trendsetters.’” Millennials are also more likely to have multiple Thanksgiving dinners to attend…perhaps including a Friendsgiving or two. (Time)

Quote of the Day: “It wouldn’t be Thanksgiving without my cousins' annoying kids running in front of the TV.” –Male, 30, MA

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