Baby Boomers and Millennials have noticeably different spending habits when it comes to certain departments. Specifically, Millennials are currently spending their hard-earned Dollars on things Boomers rarely purchased when they were younger.
For example, Millennials are much more open to spending their money on therapy and cosmetic surgery than Baby Boomers. Egg freezing, which essentially allows women to retain their ability to have children considerably longer than under normal circumstances, is also on the rise.
Spending on luxury items like travel and real estate are more common among Baby Boomers than they are among Millenials.
Another broader shopping trend that is very noticeable between these two generations is Millennials’ preference for renting out items or buying them on credit. In contrast, Boomers made the vast majority of their purchases in cash.
This trend is noticeable across all types of products, from pretty small purchases like clothes to larger purchases like automobiles, furniture, and property.
What’s Behind These Differences?
Most of these different spending habits ultimately come down to Millennials and Boomers growing up in a completely different external environment.
For example, celebrities publicly going to rehab and mental health being discussed more openly has made Millennials far more open to paying for therapy than Boomers.
Plastic surgery such as rhinsoplasty sacramento is also becoming more popular amongst Millennials for similar reasons. However, social media, which leaves many impressionable girls feeling more pressured to look good than ever, is playing its part as well. There are many online searches for Juvederm miami and similar services.
As for egg freezing, this is due to the technology being available to the public now and many women being feeling empowered enough not to have to prioritize having a family over their career aspirations.
Lastly, Millennials are renting items or making purchases on credit far more than older generations. Nowadays, many things that were once relatively affordable are far out of reach for many Americans to buy outright.
This is particularly the case when it comes to property in many parts of the United States, but many other purchases are also now unaffordable for most.
Another reason for this is the development of the credit market, which means it’s possible for Americans today to buy almost anything on finance.
Are These Changes For the Better?
For some of the changes, it’s ultimately a matter of personal preference, so it’s difficult to say whether or not they are for the better. However, for others, there are some clear positive takeaways.
For example, society being more open to discussing mental health and the issue becoming less stigmatized can only be seen as a good thing, though there’s still lots of work to be done.
On the other hand, Millennials buying more and more things on credit or renting them out is good in some ways, as it allows many Americans to access products they otherwise couldn’t afford. But, excessive borrowing and renting can also lead to financial trouble.
Finally, some of the shifting consumer spending habits are negative in one way or another. For example, the fact more and more Millennials are looking to plastic surgery highlights the pressure social media is putting them under to look good.
A Quick Summary
Certain spending habits have changed considerably over the past few generations.
For example, Millennials are now much more open to renting out items than Baby Boomers were when they were growing up.
Other noticeable changes include Millennial’s willingness to try out therapy and consider plastic surgery to improve their appearance.
Most of these changes are due to Baby Boomers and Millennials growing up in completely different environments – from a consumer spending perspective and also a broader societal view.