A Shift in Focus: How COVID-19 Changed Millennial Spending

Updated: Jun 24, 2020

According to a new report, millennials are now more focused on securing their financial future by reducing unnecessary expenses, optimizing their savings, and expanding their investments due to COVID-19.

The pandemic has impacted the lives of every single person. The change in environment due to quarantine has impacted the way millennials live and work.

When surveyed, the majority of them have said they are struggling with the results of social isolation such as boredom and sadness. They have even experienced negative behaviors like unnecessary spending due to environmental stress.

Millennials have found that working from home (or work furlough) has plenty of downsides.

More millennials are shopping online during the pandemic in these key areas:

👗 👕 Clothes and accessories: 30%.

🏡 Household goods and electronics: 37%.

🍿 🎬 Online entertainment subscriptions: 27%.

🧠 🎓 Online classes: 10%.

🌍 📖 News site subscriptions: 7%.

📈 💸 66% of Millennials are now interested in learning how to invest their money.

🛍️ 🚫 45% have said they will be spending less after COVID-19.