How do Millennials spend? Revealing it is Hype

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  • How do Millennials spend?
  • Hypermarket trends
  • Goods preferred over experiences
  • Millennials and Generation X compared

Hypea lightweight banking solution entirely usable from smartphones and which has more than 317,000 customers, has created through its Studies office an analysis on spending trend of the millennia.

How do Millennials spend?

Thanks to the shopping tag function, the Hype Research department was able to identify the categories in which I millennials, or the Under 30 years old, they spend their savings.

Among the most important elements highlighted by the study, we find:

  • The Clothing and Accessories category, with more than 11 million of the euro in transactions leading spending trends;
  • Holidays and Tourism they are among the most popular experiential purchases;
  • Purchases are a-gendered: that is to say they do not depend on the *** of the users, men and women following the same trends;
  • Hypermarkets' money management habits depend on factors such as: innovation, security and speed;
  • More than 700,000 active users with customers aged 18 to 29 to drive the entire group.

The study paid a lot of attention to the habits of millennials, because they represent a category capable not only of driving consumption today, but above all of creating and dictating the trends that allow a product or service to establish itself and develop.

Hypermarket trends

Reading the consumption and purchasing habits of young people today is therefore a fundamental element in thinking about what the most promising consumption sectors could be, in the medium and long term. The analysis of this data was possible thanks to the use of the function label, widely used by young users.

Using the hashtag purchasing, Hype has succeeded in establishing a ranking of the most purchased categories. Classification which sees, as mentioned previously, category AClothes and accessories at the top of preferences with 24,368 unique transactions for 11,092,628 euros spent. To follow, we find Electronics and Software with over 8,000 transactions. Behind, in terms of number of transactions, come purchases for Home ei Gifts or donations.

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Goods preferred over experiences

As can easily be seen in the table, both in terms of the number of transactions and in terms of expenses, i Millennials, they prefer to buy goods rather than experiences.

Although other studies talk about the experience economy, the study carried out by Hype showed that, at least in Italy, the attraction towards a material good is even greater than that towards an experience.

Moreover, the situation does not change much even when analyzing the choices based on users' ***, with men and women who keep their preferences almost unchanged. Clothes and accessories, with Electronics and Softwareto give two examples, in fact, they remain at the top of the shopping list for both men and women.

Millennials and Generation X compared

Another Italian particularity concerns the proximity between the data relating to Millennials and those which indicate the purchasing opportunities of those over 30: to also manage the spending of the oldest generation, there is, in number of transactions, the Clothing and Accessories category and the Electronics and Software category, in substantial continuity with the options for under 30s.

In fact, there is no generational leap in terms of preferences. The reason for this, according to the study, lies in the fact that the typical Hype user is considered advanced, therefore prone to new developments in money management, regardless of age.

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