WASHINGTON, D.C., June 16, 2020 /PRNewswire/ -- Sixty percent (60%)
of millennials decreased their spending habits as a result of the
coronavirus pandemic, according to a new survey from Clutch, a B2B
ratings and reviews platform.
Only 5% of millennials spent more money in March and April.
The top four expenses for millennials during the coronavirus
pandemic are:
- Groceries (40%)
- Alcohol (13%)
- Restaurants (8%)
- Health and beauty (3%)
An article in Business Insider describes millennials as "the
generation paying for things that were previously seen as taboo by
their parents," such as rentals, plastic surgery, and ridesharing.
Their spending habits are also seen as a result of technological
and economic advancements.
This generation has also experienced fallout from two
recessions.
Millennials factored necessities into their budgets but found
themselves cutting back on different luxuries and adjusted their
plans accordingly.
Nearly Half of Millennials Cut Back on Travel
As travel regulations took effect, 40% of millennials stopped
making vacation plans for 2020.
Twenty percent (20%) of millennials canceled scheduled trips,
and only 15% continued making travel plans for the rest of the
year.
Mason Miranda, a credit industry
specialist at Credit Card Insider, and his wife found hiking and
sightseeing to be perfect opportunities for adventure that fit
within their budgets and within social distancing guidelines.
Small car trips might be the new normal for the travel industry
as regulations continue to adapt.
Half of Millennials Still Ordered Takeout 1-2 Days a Week
During the Pandemic
Although millennials spent less dining out at restaurants, 50%
are still eating takeout and ordering delivery during the
coronavirus pandemic.
"In March and April, I was cooking and eating from home a lot
more than usual, but in May, I got tired of cooking and ate out a
lot more," said Tess Robison, a
content specialist at Money Done Right.
Only 28% of millennials did not use pickup and delivery options
for their meals.
Those who continued ordering out had different reasons for their
decisions.
Some felt that it was hard to recreate some of their favorite
dishes.
Others ordered takeout to support their local businesses, like
Michael James Nuells, who was
furloughed by Disney at the start of the pandemic: "I've been
making an effort to eat out more and order takeout to support my
local economy," he said.
The U.S. has begun efforts to reopen the country, but Americans
should consider what changes they'll continue to create smarter
spending habits that will last a lifetime.
Read the full report here:
www.clutch.co/accounting/resources/millennial-spending-habits-covid-19.
For questions about the survey, reach out to Kristen Herhold at 241804@email4pr.com
About Clutch
Clutch is the leading ratings and reviews platform for IT,
marketing, and business service providers. Each month, over half a
million buyers and sellers of services use the Clutch platform, and
the user base is growing over 50% a year. Clutch has been
recognized by Inc. Magazine as one of the 500 fastest growing
companies in the U.S. and has been listed as a top 50 startup by
LinkedIn.
Contact
Kristen
Herhold
241804@email4pr.com
(202) 840-6690
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SOURCE Clutch
