60% of Millennials Reduced Their Spending as a Result of the COVID-19 Pandemic
Jun 15, 2020
WASHINGTON, D.C., June 16, 2020 /PRNewswire/ -- Sixty percent (60%) of millennials decreased their spending habits as a result of the coronavirus pandemic, according to a new survey from Clutch, a B2B ratings and reviews platform.
Only 5% of millennials spent more money in March and April.
0% of millennials ordered takeout 1-2 days a week since social distancing began in March
The top four expenses for millennials during the coronavirus pandemic are:
An article in Business Insider describes millennials as "the generation paying for things that were previously seen as taboo by their parents," such as rentals, plastic surgery, and ridesharing. Their spending habits are also seen as a result of technological and economic advancements.
This generation has also experienced fallout from two recessions.
Millennials factored necessities into their budgets but found themselves cutting back on different luxuries and adjusted their plans accordingly.
Nearly Half of Millennials Cut Back on Travel
As travel regulations took effect, 40% of millennials stopped making vacation plans for 2020.
Twenty percent (20%) of millennials canceled scheduled trips, and only 15% continued making travel plans for the rest of the year.
Mason Miranda, a credit industry specialist at Credit Card Insider, and his wife found hiking and sightseeing to be perfect opportunities for adventure that fit within their budgets and within social distancing guidelines.
Small car trips might be the new normal for the travel industry as regulations continue to adapt.
Half of Millennials Still Ordered Takeout 1-2 Days a Week During the Pandemic
Although millennials spent less dining out at restaurants, 50% are still eating takeout and ordering delivery during the coronavirus pandemic.
"In March and April, I was cooking and eating from home a lot more than usual, but in May, I got tired of cooking and ate out a lot more," said Tess Robison, a content specialist at Money Done Right.
Only 28% of millennials did not use pickup and delivery options for their meals.
Those who continued ordering out had different reasons for their decisions.
Some felt that it was hard to recreate some of their favorite dishes.
Others ordered takeout to support their local businesses, like Michael James Nuells, who was furloughed by Disney at the start of the pandemic: "I've been making an effort to eat out more and order takeout to support my local economy," he said.
The U.S. has begun efforts to reopen the country, but Americans should consider what changes they'll continue to create smarter spending habits that will last a lifetime.
Read the full report here: www.clutch.co/accounting/resources/millennial-spending-habits-covid-19.
For questions about the survey, reach out to Kristen Herhold at [email protected]
About Clutch
Clutch is the leading ratings and reviews platform for IT, marketing, and business service providers. Each month, over half a million buyers and sellers of services use the Clutch platform, and the user base is growing over 50% a year. Clutch has been recognized by Inc. Magazine as one of the 500 fastest growing companies in the U.S. and has been listed as a top 50 startup by LinkedIn.
Contact
Kristen Herhold
[email protected]
(202) 840-6690
SOURCE Clutch
More News
Villar Foundation marks 31 years of environmental action
MANILA, Philippines — From transforming household waste into fertilizers and school chairs to turning discarded coconut husks and waterlilies into livelihood opportunities, the Villar Foundation has spent more than three decades promoting community-based solutions to environmental problems. Established in 1995 by former Senate President Manny Villar and former Sen. Cynthia Villar, the foundation’s environmental initiatives demonstrate
From Local Solutions to Global Recognition: Villar Foundation Marks More Than Two Decades of Environmental Action
MANILA, Philippines — From transforming household waste into fertilizers and school chairs to turning discarded coconut husks and waterlilies into livelihood opportunities, the Villar Foundation has spent more than three decades promoting community-based solutions to environmental problems. Established by former Senate President Manny Villar and former Sen. Cynthia Villar, the foundation’s environmental initiatives demonstrate how proper
PNP raises Undas security deployment to over 73,000 personnel
MANILA, Philippines — The Philippine National Police has increased its security deployment to 73,034 personnel, up from the initial 72,501, to secure the observance of All Saints’ Day and All Souls’ Day, or Undas, as many Filipinos head to cemeteries, terminals, and home provinces. “Security deployments for large-scale operations like Undas are continuously assessed and
PH research spending among lowest in Southeast Asia
MANILA, Philippines — The Philippines, which has been classified as an upper-middle-income economy this year, spends less than one-third of 1 percent of its gross domestic product (GDP) on research and development, a data scientist said. Dr. Alicor Panao, an associate professor at the University of the Philippines, said in his analysis of data from
Agusan del Sur town readies Baterbonia’s gravesite for Undas
SAN FRANCISCO, Agusan del Sur — Municipal officials in Talacogon, Agusan del Sur are stepping in to ensure an orderly, peaceful visit to the gravesite of the late basketball standout Rene Clert “Bobet” Baterbonia during the Undas or All Saints’ Day and All Souls’ Day celebrations on Nov. 1 and 2. Talacogon Mayor Pauline Marie
Cloudy skies, rains expected to prevail during Undas
MANILA, Philippines — Cloudy skies with occasional isolated rains are expected to prevail over some parts of the country during Undas (November 1 – All Saints’ Day and November 2 – All Souls’ Day). These conditions are due to the northeast monsoon, or ‘amihan,’ and two other weather systems, the state weather bureau said. The
PNP reviews bomb threat response protocols amid university incidents
MANILA, Philippines — The Philippine National Police (PNP) has ordered a review of its bomb threat response protocols following threats targeting schools and universities. “We must ensure that our bomb threat protocols evolve with the threats we face,” PNP chief Gen. Jose Melencio Nartatez Jr. said on Wednesday. “Our response must be swift, our personnel
Caraga supporters believe Sara Duterte ‘will be vindicated’
SAN FRANCISCO, Agusan del Sur — Confident that Vice President Sara Duterte will overcome efforts to unseat her from office, loyalists across the Caraga region have launched an extensive recruitment campaign to consolidate grassroots support for her presidential run in 2028. The regional push is spearheaded by the Volunteer Protectors of Sara Duterte (VPSD), whose
Jefry Tupas calls NBI’s raps referral ‘harassment’
MANILA, Philippines — Former Davao City chief information officer Jefry Tupas has described the National Bureau of Investigation (NBI)’s referral of obstruction of justice, cyber libel, and publication of false news complaints to the Department of Justice (DOJ) against him as “harassment.” In a statement on Wednesday, Tupas said he had earlier presented the NBI
No one hurt in 2 firecracker factory explosions in Bulacan
CAMP GEN. ALEJO SANTOS, Bulacan – Explosions rocked two firecracker factories in Bocaue and Baliwag City, Bulacan, on Tuesday, but no one was hurt. Three workers managed to flee to safety when a shanty that has been serving as a firecracker factory exploded at past 10 a.m. in Sitio Caculisan, Barangay Bambang in Bocaue, according
Luistro to look into P1.3 billion worth of insertions in her district
Batangas 2nd District Representative Gerville Luistro said that she will look into the details of the reported P1.3 billion budget insertion made to her district in the House-approved 2027 budget.
Ridon wants libel laws reviewed after Lustre’s sudden arrest
MANILA, Philippines — Congress must review the country’s laws on libel after the sudden arrest of veteran journalist Philip Lustre Jr. so that there will be a balance between protecting reputations and press freedom. This view came from Bicol Saro party-list Rep. Terry Ridon on Wednesday. Ridon said that while he agrees with the need to
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.