How Millennials Are Living Out Their 20s
Thu Aug 1, 11:27am | Share
Your 20s are a key part of your life’s development. Most Americans in their 20s are graduating from college, meeting their future spouse, and even buying a home. While this may also have been the case 50 years ago, there are some other things that Millennials do as well.
- Dining Out
Millennials' have very different preferences compared to baby boomers and Gen Xers. Millennials want clean yet eclectic decor, trendy menus with lots of options including organics, happy hour deals (all the time), and alternatives to traditional meals. Even if they visit a fast food chain, Millennials will be looking for menu items such as the Impossible Burger—a vegan burger that looks and tastes like real, high-quality beef. Because trying out the newest restaurant—not a chain—is such a lifestyle to Millennials, they are on track to be the biggest spenders on eating out.
Millennials spend nearly $600 billion every year. You might assume this is all online, which is somewhat true. However, Millennials still like to make in-store purchases, too. They will often go online first to research a product and read reviews. Then, they'll visit a store to see the product in-person. Shopping local is a trend for all Millennials as well. Boycotting huge online retailers is common as Millennials are the generation concerned with pollution, work environment, and supporting small companies.
- Working Out
Since Millennials are a social generation and enjoy doing things in groups, boutique fitness studios provide a sense of community by allowing them to break a sweat with friends versus running on the treadmill alone. Another reason boutique fitness studios have become so popular is that they usually have mobile apps. This allows customers to quickly register (or cancel) classes on-the-go. In addition, there's no commitment with boutique gyms. Most allow you to pay as you go or buy discounted bulk credits.
- Getting Married
Last year, the median age for marriage was 30 years old for a man and 28 years old for a woman. By comparison, in 1975 the median ages were 25 (men) and 21 (women). Why is this? A lack of economic security and access to financial resources is a major reason for avoiding the altar. Millennials are often choosing to either have a wedding to match that of celebrities, or having a surprise wedding, where guests don’t even know they are about to attend a wedding ceremony. The national average cost of a wedding is nearly $34,000, but starting a life together with your significant other shouldn't come with unnecessary debt. There are plenty of cost-cutting moves Millennials plan on, such as not hiring a wedding planner, having a dessert bar instead of a tiered wedding cake, and buying a pre-owned wedding dress.
Millennials seem to be enthralled by travel. If it is not a weekend trip a few hours away, it is a 12-day trip with other young people or a backpacking trip for who knows how long. While sometimes criticized for the constant wondering, isn’t it time to applaud Millennials for starting their curiosity of the world young? Most travelers will tell you that travel is where all of their fun money goes. However, Millennials have found ways to travel at half the price tag of retirees finally getting to see the world. Airbnb’s and Scott’s Cheap Flights are a great short list. Airbnb’s can be customized to the Millennial traveler’s needs. Instead of booking a hotel at $230 per night, they book an Airbnb with a private bedroom, but share everything else, at $90 per night. While sharing a living room, kitchen, and even a bathroom may seem daunting to some, Millennials see it as an opportunity to meet others and feel at home in a place that is new to them.