According to Retail Customer Experience, the National Retail Federation analyzed survey data from an April Consumer Survey.
A few points of note included:
- 50% of millennials polled said they are spending less as a result of the economy, slightly less than the 56 percent of average adults.
- 25% of millennials are spending time finding the best deals online, slightly less than the three out of 10 Americans overall.
- 20% say they are spending less on apparel, compared to the 32 percent of other adults. Recent studies confirm that this generation has a high propensity to spend on apparel, and this certainly helps paint that picture.
From the article:
The data revealed that 89.5 percent of young adults feel the economy is affecting their spending plans in some way. But despite having a higher unemployment rate, 18- to 24-year-olds are less likely to pull back their spending due to the economy, said Dianne Kremer, senior analyst at Prosper Insights & Analytics.
“Being less likely to carry the financial burden of a mortgage or the responsibility of children, coupled with being happier with the current administration in Washington, young adults are significantly more likely to have a ‘live for today’ mentality when it comes to opening their wallets. Though it’s uncertain, these consumers remain more confident in the future health of the U.S. economy,” she said.