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

Looking for more info? Complete the form below.

Featured Product

InsightSuite for Small Business

Specialized Tools for Small & Emerging Businesses

The fastest and most cost effective way to increase sales, profits and sell-in for growing businesses and digitally native brands.

Learn more
Free Ebook

Maximize Value, Speed & Profit

Learn how to leverage Voice of the Customer Analytics and 3D Product Creation to make more profitable products, faster.

Get the Free E-book
Roundtable Video

Kohl's Creates Value W/Predictive Analytics

Learn How First Insight's Predictive Tools Fuel Kohl's Success

As one of the world's leading omnichannel retailers with more than 1,100 stores in 49 states, Kohl's is leveraging First Insight's predictive analytics solution and voice-of-the-customer data to improve their business.

Watch the Webinar
Webinar

Consumer Sustainability Survey 2021

The First Industry-Wide Consumer Study On Shoe Sustainability

This industry-wide survey aims to create a critical baseline that brands and retailers can use to ensure they understand what consumers actually comprehend, what terms and phrases resonate best, and what areas they should prioritize.

Download the Webinar & Findings

HIGHEST DEMONSTRATED ROI. GUARANTEED.

Unparalleled Value Delivery and Lowest Total Cost Provider


Our industry-leading platform takes your experience management operations from reactive to proactive. We empower you to create products, brands, and customer and employee engagement that deliver growth to both your top and bottom lines.