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: “Right now, I’m living at home with my parents and completing my education while also working.” –Female, 21, CA

Christmas in September! The toy industry is predicting that 2015 could be the “best year in a decade” and Walmart is getting a jump on the biggest season, starting its Toy Week two weeks earlier than usual. The retailer forecasts the kid-tested toys that will be the biggest sellers, and Star Wars merchandise, food-related toys (for the mini-foodies), and animal themed playthings are all on the list. (MediaPost)

Sensitivity and political correctness are reportedly ruling some college campuses, and some believe that childhood coddling is to blame. Campus rules and guidelines are beginning to instruct avoiding “microaggressions,” small actions or words that are seen as violent or offensive (asking a non-white student “Where were you born,” for example). Some professors are also being asked to use “trigger warnings,” warnings when course material may include violence and abuse that could “trigger” the trauma of a student who experienced something similar in the past. (The Atlantic)

NBC’s American Ninja Warrior has sparked a full on fitness trend. The obstacle course that contestants battle their way through on the show is being replicated in gyms across the country so that anyone can train to be a Ninja Warrior. Some of these gyms have formed a National Ninja League to grow the sport, with Ninja competitions and championships. At the same time, the number of applicants to the show has skyrocketed, going from 5,000 at the end of season 6 to 50,000 at the end of season seven, the most recent. (Racked)

“Who lives in a pineapple under the sea” might soon be the lyrics in a major choreographed stage production. Get ready for The Spongebob Musical! Spongebob Squarepants is coming to Broadway, and a crazy amount of famous musicians are reportedly contributing to the musical score, including Aerosmith, John Legend, and David Bowie. Actors will play the now iconic children’s show characters, with no prosthetics or costumes, and the plot will be an original story that retains the quirkiness of the series. (Mashable)

It feels like a new brand fighting to become the next Chipotle, aka Millennial and teens new fast/fine casual dining favorite, appears every day—and there’s another to add to the list of ones to watch. Indikitch is a fast casual India food eatery that is planning their expansion in Manhattan. They make all-natural GMO-free ingredients a priority, use an assembly-line set-up similar to Chipotle, and pride themselves on non-bland food with spice and heat. (Business Insider)

Quote of the Day: “My favorite store to shop in is The Apple Store. Best store layout i have every experienced. They have the products I want and the expertise to answer any questions.” –Male, 19, VA

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