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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The Newsfeed

“My generation feels entitled and is less willing to put in hard work to get the results they want.”—Female, 17, VA

CoverGirl is getting a marketing makeover to impress Millennials. The brand is changing up their slogan for the first time since 1997, with “Easy, Breezy, Beautiful Covergirl” getting traded for “I Am What I Make Up.” To go along with the new tagline, an inclusive lineup of new CoverGirls will debut the revamped brand—from 69-year-old Maye Musk to pro motorcycle rider Shelina Moreda. Finally, products will be taking on the Less is More trend with “sleeker, more minimal black and white packaging” and a logo to match—a familiar branding makeover move. (Racked)

Riverdale’s recent premiere pulled impressive ratings, especially among young adults—and the show may have Netflix to thank for it. The Archie-remake grew in popularity by 67% from last winter’s premiere and 140% with women under 35. But it gained the most ground with teens, jumping an impressive 467% from last winter’s premiere, making it the most popular show from The CW among teens since The Vampire Diaries in 2012. The show’s presence on Netflix during the off-season may have helped attract young viewers, allowing them to binge the series and get addicted on their time—The Binge Effect at work. (Vulture)

Essential oils are the latest wellness trend to gain traction, appealing to Millennials’ desire to ease anxiety. The most stressed generation to date is turning to little vials of “something between a perfume and a potion” to calm their minds and remedy simple sicknesses. Companies aren’t missing the opportunity to capitalize on the growing demand. Two major brands, Young Living and doTerra, “have more than three million customers apiece, and a billion dollars in annual sales.” (The New Yorker)

The majority of teachers say that life skills are more important to success today than academics. According to research out of the U.K., more than half of teachers believe so-called “’soft’ skills,” including perseverance, the ability to problem-solve, and communicate effectively are more important than “academic knowledge and technical skills.” Unfortunately, institutions often focus on test scores instead of “social and emotional learning, or character.” The good news is groups are pushing for change and “teaching ‘character’ is taking hold everywhere.” (Quartz)

Throw that “Me, Me, Me Generation” stereotype out the window, because Millennials are probably not any more narcissistic than previous generations. (Sorry, Time Magazine.) A report published in Psychological Science compared students from a ‘90s study with students in the 2000s and 2010s and found that today’s youth are “at best” equally as self-involved as young people of the past, and may actually be less narcissistic. The professor who led the study reports, “The kids are all right. There never was a narcissism epidemic, despite what has been claimed.” (Uproxx)

“My love of video games and knowledge of technology and streaming naturally eased me into the world of esports.”—Female, 23, FL

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