Millennials – GenY – have completely different spending habits to their predecessors. A new car and a house used to be top of the spending list us baby boomers, but times have changed.
There are several reasons for this, including job insecurity and stagnant wages, but there are also other, less obvious reasons such as a generational shift in values and importantly, the growth of technology.
Online marketplaces now make it easy for people to share the things they own or even hire household appliances and tools from their neighbors. One of the most popular has been AirBNB, which is a portal for people to offer travellers a room for a night or two. And if you have a car, WhipCar makes it possible for people to rent their unused cars to those in the area in need of a vehicle.
GenY has been labelled coddled, selfish and fleeting, but that’s not really fair. With the growth of social media and smartphones, this generation has created a new economy that is based on sharing. This means that unlike generations before, Millennials are not keeping up with the Jones’ – they’re sharing with them.