Why Millennials Are Spending More On Experiences Than Commodities

A new survey by Harris Poll shows that today’s young adults — the so-called millennials between ages 18 and 34 — are giving exciting, first-hand experiences higher priority. 78% of those surveyed claimed that they would rather spend money on a desirable experience, such as a music concert or road race, than buy material goods.

This preference is also linked to a widespread “fear of missing out”, or FOMO, perpetuated by the rise of social media. Although the survey has a relatively small sample size and is conducted on behalf of Eventbrite, the event ticket company, the findings do points out a key trend in the evolving consumer behavior of younger generations.

Millennials Ditching Cash And Checks For Mobile Payment

Millennials aren’t just cutting cable cords: the newest trend reports indicate that they’re also cutting back on cash withdrawals in favor of mobile payment apps. Venmo, for instance, reported an impressive 62% jump in usage during this year’s first quarter, with a total of $312 million in processed transactions. It is worth noting that currently mobile payment is primarily used in interpersonal transitions between friends, ranging from dinner tabs to splitting rents, which reveals a true missed opportunity that most businesses have yet to embrace.