1ST NOV 2017
by James Swift
I’m a millennial and I find some of the preferences ascribed to my generation suspect and baffling. The obsession with true crime podcasts, for instance, or the rejection of cereal as ‘inconvenient’.
But the trope that millennials prefer experiences to stuff, I accept has legs.
It bears out in polls (e.g. 72% of millennials prefer spending money on experiences) and in spending patterns.
Barclaycard’s transactions data for April shows restaurant spending was up 16% on the previous month, as theatres and cinemas enjoyed a 13% boost.
Meanwhile, people spent 2.5% less on household appliances and 11% less on vehicles. According to the Guardian, Barclaycard says this trend has been visible for about a year.
What’s more, the preference for experiences over stuff is endorsed by behavioural economics.