7 ways the coronavirus is changing millennials' money habits more than any other generation

May 8 2020 by Hillary Hoffower for Business Insider

Wary after experiencing the fallout of the Great Recession, millennials have been changing their spending habits more than any other generation during the coronavirus pandemic.

They're already cutting back on spending in preparation for a coronavirus-inflicted recession, and they're taking to shopping online in order to avoid going out in public. For the same reasons, they're also using delivery apps more than usual.

Their shifting money habits say a lot about the economic climate they came of age in. Here's how the coronavirus is affecting millennials' financial behavior.

1. In the beginning of the pandemic, some millennials took advantage of cheap airline tickets.

2. But most millennials were quick to cut back on spending when the pandemic first hit, readying themselves for a possible recession.

Millennials — and Gen Z — are tightening their wallets as coronavirus sparks recession fears

While those of all generations are concerned about the financial effects of the coronavirus, "millennials' behavior is changing more dramatically than any other generation," Greg Petro, CEO of retail predictive analytics company First Insight, told CNBC's Lauren Thomas. "They are going to cut their spending."

Over half (54%) of millennials surveyed said the coronavirus has impacted their purchase decisions — more than any other generation, according to a First Insight survey published on February 28. It caused 40% of millennials to say they were cutting back on spending in preparation for the coronavirus.

Read the Full Article at Business Insider

millennials  consumer spending  Coronavirus  COVID-19  Consumer Purchase Behavior  Purchase Decisions  spending habits

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