Despite being savvy spenders (thanks to the age of information), millennials are known to be relatively poor.
According to the BBC
, millennials earn an average of £8,000 less compared to when their parents were at the same age.
The culprit? Millennials are in the worst of times. They're applying for jobs in the most challenging economic climate since the Great Depression, making earning opportunities scarcer than with previous generations. Despite this, they’re still buying goods at 2016 prices, and in 2016, prices are high
Economists predict that eventually, millennials will have more buying power
compared to other generations, splurging on branded items from makeup to trendy sunglasses
. But despite the increase in purchasing power, don't expect to see millennials spend their hard-earned money on the following items:
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It's not that millennials have no desire for the “finer things in life”, it's just that they don't have all the money in the world to spend—or at least, not at the moment. Not to mention the fact that declining employment and wage rates are far beyond their control.
In essence, millennials aren’t exactly broke. They just have different priorities, motivation and principles compared to other generations. But, the good thing is, they're not letting this stop them from being happy
“Every time you spend money, you’re casting a vote for the kind of world you want.” - Anna Lappe
It appears that millennials want an experience-driven world, not a product-driven one.