Millennials are people who were born between 1981 and 1996. Their unconventional lifestyle choices gave raised a couple of eyebrows as these choices changed the way the market works. Previous generations focused on owning a house. But millennials prefer traveling, luxury cars, and stylish apparel.
Even as this generation has different priorities in life, they still want to leave a legacy that people can look up to. And the way they work to reach this objective is also as peculiar as their lifestyle choices. But this generation’s lifestyle choices continue to leave a mark that other generations have not done in their lifetime.
Here are some lifestyle choices of millennials:
Previous generations usually visit the bank for any of their banking transactions. They line up and chat with the tellers and bank officers, which allows them to have a personal connection with their bank. But the pandemic has made this difficult as people had to avoid mingling with people who do not live in the same household. The situation compelled banks to implement changes to protect their customers.
But this did not affect millennials that much since they prefer convenience when it comes to their banking needs. Instead of queueing in the banks, millennials opted for digital transactions. These transactions were faster and allowed them to send and receive money in the comfort of their homes. They also look for other perks that their banks offer, including lower transaction charges and cashbacks, among others.
In the past, many millennials prefer renting homes rather than owning one. They broke off from the old-school ideology that homeownership is one thing a person must strive for once they become adults. Their inclination to renting rather than owning is based on different reasons. They find it practical to rent a house if their job requires them to travel a lot. So, it’s practical for them to rent a house close to their workplace rather than own a house that’s a couple of hours away from the office.
They also have to focus on paying off their student loan before they take on another debt to buy a house. This situation is a major factor in the hesitancy of many millennials when it comes to buying a house.
Despite these factors, the pandemic saw many millennials looking at the housing market when US home sales increased. Research showed that this generation led everyone else at the height of the homebuying spree during the health crisis. The homeownership rate among millennials went up to 47.9 percent from 40 percent a couple of years ago. So, more millennials are putting a value on homeownership, especially with travel restrictions still imposed by countries due to the pandemic.
Millennials who are planning to buy a house should learn how to deal with a reputable mortgage lender, so they can buy their first home. This is particularly true if they are ready to settle down in one place.
Similar to their banking choices, millennials also prefer convenience when they shop for their needs. In the past, shopping requires people to visit the supermarket or department store to buy the things they need. But the digital revolution changed the shopping landscape as it allowed people to perform business transactions using their devices.
Being digital natives, millennials took to technology like fish to water. Instead of leaving the home to shop, they simply browsed the internet for the things they need. They also downloaded apps and software that allowed them to browse the products offered by their favorite store.
E-commerce made shopping convenient. It also allowed people to shop safely during the pandemic since they did not have to leave their homes to buy the things they needed and wanted. The companies offering these products also offered delivery services. Shops without these services worked with delivery companies to deliver their products to their customers.
One of the things that many millennials are known for is their love for traveling. Many millennials take up to around five trips each year, which makes them the most traveled generation. The activity was once a luxury, but competition and pricing changes make it affordable to millennials who are still starting their professional careers.
Millennials plan their trips so they will not overspend. To fund these trips, they save more for it compared to the other generations. Even as they have debts to pay, they do not use it as an excuse to stop traveling. They use the extra funds that they have after paying their debts every month.
Even as millennials are considered a unique generation, their lifestyle reflects the current developments in society.