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Millennials have been classified as the most wasteful generation when compared to the Baby Boomers and Generation X. That notion stems from the practice of millennials whereby they spend their money on whatever they deem to be a trendy element at any specific point in time regardless of whether they need it or not. In that wavelength, here are the top 15 useless things millennials spend their money on.
1. Alcohol and energy beverages
Millennials are arguably the heaviest consumers of alcohol and energy drinks. With their party life in full scale mode, alcohol and energy drinks complement the process by getting them drunk and energized for their party escapades in equal measure.
2. Expensive sunglasses
Generation X and Baby Boomers for instance go for functionality in the sunglasses they wear but millennials go for aesthetic value. This means that millennials are therefore inclined to go for the expensive sunglasses as an option since they need to have a custom look.
3. Entertainment
One of the standout things that millennials spend their money on is entertainment. From concerts to entry fees for party joints, millennials are known to have the capacity to spend any amount as long as it gets them access to the entertainment joints and centers.
4. Multi-devices with same function
Millennials can have smartphones, iPod, iPad, Tab, Phablet, Pager, PDA (Personal Digital Assistant) and gaming consoles all at the same time. With most of these devices serving the same purpose which is networking, the need to have them all beats logic and it is quite surprising that they go all out to spend their money on the items.
5. Fast foods
It is hardly possible to visit a fast food joint and miss bumping into some millennials. This is because they prioritize eating out as opposed to having and creating a home-made meal which means they get to spend more on the fast food options.
6. Expensive custom juices
Millennials gravitate towards custom made stuff and this is where their love for juice is exploited. Manufacturing companies offer custom juice press for more than $15 a glass and the unfortunate setting is that the juices can actually be made at home using readily available fruits and ingredients.
7. Cable services
Millennials roughly spend 4 hours of their day streaming on the internet from unimportant videos to funny clips that tickle their fancy. Cable service therefore becomes close to insignificant since most of their time is actually spent streaming but you still find millennials spending money paying the cable bills.
8. Random things
Spending on the random things is a factor cultivated by FOMO. Millennials can buy things for no reason and this is where they get stuck with things they don’t need. From incense, clothes to tech stuff; millennials spend a fortune just for the heck of it and to satisfy the need of not having to miss out on owning the same but will probably even never use the bought items.
9. Brand name products
When millennials are introduced to brand name products, they can spend any amount just to get the same. The brand name products mostly include clothing and tech devices. The need for brand name products overrides the functionality of the product which is what they should be concentrating on.
10. In-game purchases
Video games are the ultimate hobby for millennials and marketing professionals have identified the impulse buying nature of millennials and thus target the same with In-game offers. Businesses are making a fortune from the in-game purchases made by millennials on things they actually don’t need.
11. Impulsive escapades
Millennials are guilty of engaging in impulsive escapades and this is where they can actually just wake up and decide to set off on road-trips to enjoy, party and have fun.
12. Cleaning products
Millennials are obsessed with hygiene and take it to a whole new level by getting specific detergents and cleaning elements for every setting in the house. They buy specific cleaning product for every item in the house and for each of the different surfaces including upholstery materials which means a fortune is spent on cleaning products alone.
13. Online subscriptions
One significant aspect that millennials spend their money on are the online subscriptions. Millennials are characterized as having the capacity to opt for online subscriptions including Pay Per View options just to enjoy their favorite shows or events.
14. Pricey personal care products
In the advent of keeping young and maintaining a certain look; skin and hair products have flooded the market and the manufacturing companies have identified millennials as the immediate target. The pricey personal care products are massively consumed by millennials with minimum fuss.
15. Expensive coffee
Millennials are obsessed with lattes and the pity in that is the fact that they can get drip coffee at home and enjoy the same. Expensive coffee options are a major downfall for millennials since you can find them spending in excess of $10 per latte and taking more than 5 in a day.