“Rational” is word that has no place in our generation. We’ll gladly burn a twenty for a ride across five blocks but there’s no chance would we spend a loonie on an app that could properly manage our finances.
Alas, this is why marketers are still trying to “figure us out.”
So, where does all our non-existent money go? Data last year determined millennial spending has shifted from furniture and clothes to cars, healthcare, electronics, and home improvement, according to a report by Morgan Stanley last year.
Oh, and rent – a hell of a lot more on rent.
Things get a little murky when trying to narrow down specific products after that. Mad Money host and general finance guy Jim Cramer, however, seems to have an educated hypothesis about where our money goes…
The sweet spot of millenial spending, per @jimcramer:
* cell phone
— Carl Quintanilla (@carlquintanilla) March 23, 2016
So that’s one vehicle expense and two driving distractions – it’s easy to see what accounts for all those car expenditures in that Morgan Stanley report.
Regarding Cramer’s assertion, either he only considered females in his autonomous analysis or women buy so much make-up that it drowns out overall spending on a gender-neutral item to claim a spot in the top three.
We’re curious to know what you spend most of your money on after rent – let us know on our Facebook page.