Facebook has released a new studying detailing the driving factors around Canadian Mellennial’s spending choices.
The first factor that is driving spending choices is the growth of mobile. More than 1 in 3 Canadians between the ages of 18 and 34 said that they made a purchase using a mobile device in the past month. With the ease and diversity of mobile shopping apps to the growth of mobile payment platforms, it seems that this will be a trend in the generations to come.
The second factor is that Millennials have different dreams than those of older generations. The report shows that Canadian Millennials define success as being well-educated and having a high-paying job, while older generations tend to put value in owning a property or being married.
However, securing a job can be a challenging task for Millennials given the bottleneck of Boomer workers and wage stagnation. This means that a lot of Millennials are taking multiple jobs to pay the bills, or even working for free to gain valuable experience. Approximately 23 percent of those surveyed said that they worked a second job just to make extra money, and 20 percent said they had taken an unpaid job/internship just to boost their resumes.
The third factor that plays a large roll in how Millennials are spending is inclusivity. Approximately 81 percent of those surveyed said that they feel proud to be Canadian because their society is multicultural. Millennials are seeking to respond to political and social uncertainty, which spawns the creation of startups. Starting a business used to be a daunting task, but with the advance of technology, it couldn’t be simpler.
The fourth and final factor is that Millennials in Canada are shopping for authenticity. They care about the price and quality of the item, and compared to Baby Boomers, they will spend more time researching purchases. Millennials are also more likely to have a human story impact their spending, as its no longer just about the brand.
The way we shop and spend our money is constantly going to evolve as technology and the world keeps advancing.