MILLENNIAL KEY LEARNINGS — May 22, 2020
Published in
1 min readMay 23, 2020
Millennial money matters
- The millennial cohort’s ‘short-term’ savings are expected to rise, as spending takes a hit. For older generations, spending is expected to be more or less constant
- However, a dilemma presents itself. With savings increasing and spending going down, millennials are still keen to go on outings and travel soon. How is this sustainable?
- The reason is that spending for millennials (especially the younger lot) tends to be more on luxuries rather than necessities.
- Under current circumstances, spending is expected to take a huge hit, and this decrease is being translated into a higher chunk of short-term savings, accrued for targets like holidays, or electronic purchases.
- For older generations, who mostly have families to support and higher cash outflows, lower earnings would directly translate to lower savings, as spending is more on the basis of ‘needs’ rather than ‘wants’, and hence would remain constant.
- For a detailed report by The Mavericks capturing various changes in attitudes around the crisis, please visit our website.
