Millennials are changing their spending habits left and right. Remember when everyone watched cable TV, bought new homes, and had massive, blow-out weddings? Well, not anymore.
With unique priorities and values, they are redefining what constitutes essential purchases and what can be left behind.
Here are 16 things that Millennials refuse to spend money on anymore.
Cable TV Subscriptions
Let’s start with the most common one: Cable TV.
Cable TV subscriptions have seen a significant decline among Millennials. With the rise of streaming services like Netflix, Hulu, and Amazon Prime Video, Millennials are opting for more affordable, on-demand entertainment options. The convenience of accessing a wide range of content without the hassle of commercials or rigid schedules makes streaming services a more attractive choice.
This shift represents a change in purchasing behavior and reflects Millennials’ desire for flexibility and customization in their media consumption habits.
Diamonds
The diamond industry has long been associated with luxury and tradition. Times have changed.
Millennials are skeptical of the diamond market, opting for alternative gemstones or ethically sourced options. Concerns about the environmental impact of diamond mining and ethical issues surrounding labor practices have led many Millennials to seek more sustainable and socially responsible alternatives.
Additionally, changing attitudes towards marriage and relationships have influenced Millennials’ attitudes towards diamond engagement rings and even big weddings (more on weddings later). Many Millennials prioritize experiences and financial stability over material possessions, leading them to question the necessity of expensive diamond rings.
Brand-Name Clothing
Millennials are less concerned with brand names and more focused on quality, sustainability, and affordability regarding clothing. Once popular among younger consumers, fast fashion brands face scrutiny for their environmental impact and labor practices.
The rise of social media and influencer culture has also contributed to this shift, with many Millennials seeking unique styles and individuality rather than conformity to mainstream fashion trends.
Home Ownership
The dream of homeownership, once considered a cornerstone of the American Dream, is becoming increasingly out of reach for many Millennials. Skyrocketing housing prices, mounting student loan debt, and stagnant wages have made purchasing a home daunting for this generation.
Instead, many Millennials choose to rent or explore alternative housing options such as co-living spaces or tiny homes. They value flexibility and mobility, prioritizing experiences and career opportunities over settling in one location.
Mass-Produced Furniture
Gone are the days when Millennials would fill their homes with inexpensive, mass-produced furniture from big-box stores. Instead, this generation seeks unique, handcrafted pieces that reflect their personal style and values.
In addition to supporting small businesses and artisans, Millennials also prioritize sustainability when it comes to furniture purchases. Many opt for pieces made from reclaimed or eco-friendly materials, reducing their carbon footprint and supporting environmentally conscious practices.
Traditional Weddings
Millennials are challenging the conventions of traditional weddings, which tend to be expensive and stressful. Instead, they opt for more intimate, personalized celebrations than extravagant ceremonies. The high cost of weddings and changing attitudes towards marriage and commitment have led many Millennials to question the necessity of elaborate ceremonies.
Millennials also embrace non-traditional venues and formats, such as destination weddings, elopements, and micro-weddings. These alternatives offer more flexibility and affordability, allowing couples to focus on what truly matters to them rather than adhering to societal expectations.
Typical Banking Services
The rise of digital banking and fintech startups has prompted many Millennials to reconsider their relationship with traditional banks. Cumbersome fees, limited accessibility, and outdated technology have made traditional banking services less appealing to this tech-savvy generation.
Digital banking offers Millennials greater convenience, flexibility, and transparency than traditional banks. Features like mobile check deposits, real-time transaction tracking, and automated savings tools align with Millennials’ preferences for seamless, user-friendly experiences.
Single-Use Plastics
Concerns about environmental sustainability have prompted Millennials to reject single-use plastics in favor of more eco-friendly alternatives (which we all should do). The detrimental impact of plastic pollution on marine life and ecosystems has raised awareness among this generation, leading to a shift away from disposable plastic products.
They advocate for policy changes and corporate responsibility initiatives to reduce plastic waste and promote sustainable practices. Social media campaigns and grassroots movements have empowered Millennials to raise awareness about the importance of reducing single-use plastics and encourage others to adopt more environmentally friendly habits.
Traditional Office Spaces
Many millennials are becoming increasingly aware that the traditional 9-to-5 office model is becoming outdated. This generation values flexibility, work-life balance, and remote work opportunities over the constraints of a traditional office environment. The COVID-19 pandemic accelerated this shift as companies were forced to embrace remote work arrangements, leading to widespread acceptance of flexible work policies.
Millennials are drawn to remote work because it offers the potential to improve productivity, reduce commuting time, and enhance work-life integration.
Advertising
Millennials have become resistant to traditional forms of advertising, such as TV commercials, print ads, and banner ads. Growing up in the digital age, this generation is adept at filtering out marketing messages and seeking authentic, personalized content.
Instead, Millennials are drawn to influencer marketing, content marketing, and user-generated content that resonates with their values and interests. Authenticity, transparency, and relatability are key factors that influence Millennials’ purchasing decisions, prompting brands to adopt more subtle and genuine marketing approaches.
Print Magazines
The environmental impact of print publications is a concern for environmentally-conscious Millennials.
Print magazines, once a staple of waiting rooms and coffee tables are losing their appeal among Millennials in the age of digital media. With the proliferation of smartphones, tablets, and e-readers, Millennials are turning to online publications and digital subscriptions for their reading material. The production and distribution of print magazines contribute to deforestation, greenhouse gas emissions, and waste generation.
Gyms
The traditional gym model, characterized by long-term memberships and fixed workout schedules, is losing favor among Millennials who prioritize flexibility and variety in their fitness routines. Instead, they gravitate towards boutique fitness studios, outdoor activities, and home workouts, offering more personalized experiences that cater to their preferences.
Boutique fitness studios, in particular, appeal to Millennials with their specialized classes, community atmosphere, and pay-as-you-go pricing models. These studios offer diverse workout options, from high-intensity interval training to yoga and pilates, allowing Millennials to mix up their routines and discover what works best.
Traditional Retirement Savings
Millennials are redefining the concept of retirement savings, eschewing traditional retirement accounts like 401(k)s and pensions in favor of alternative investment strategies and pursuits of financial independence.
Many Millennials are turning to alternative investment vehicles such as index funds, real estate crowdfunding, and cryptocurrency to diversify their portfolios and maximize their returns. The FIRE (Financial Independence, Retire Early) movement has also gained traction among Millennials who prioritize financial freedom and early retirement over traditional career paths.
Typical Cars
Owning a car was once a rite of passage for many young adults, but Millennials are questioning the necessity of car ownership in urban environments. Rising urbanization, improved public transportation options, and the proliferation of ride-sharing services have made car ownership less appealing and practical for many Millennials.
Instead of purchasing traditional gas-powered vehicles, Millennials are exploring alternative transportation options such as electric scooters, bicycles, and public transit. The convenience and cost-effectiveness of these alternatives, coupled with concerns about environmental sustainability and congestion, drive Millennials away from car ownership.
Regular Health Insurance
The rising cost of healthcare and the limitations of traditional health insurance plans have prompted Millennials to seek alternative healthcare solutions that offer greater flexibility and affordability. Many Millennials are turning to direct primary care, health-sharing ministries, and telemedicine services as alternatives to traditional health insurance.
Direct primary care models, in which patients pay a monthly subscription fee for unlimited access to primary care services, offer Millennials a more personalized and cost-effective approach to healthcare. Health-sharing ministries, which involve pooling resources with other members to cover medical expenses, provide an alternative to traditional health insurance for those prioritizing community and shared values.
Cooking Appliances
Millennials are reimagining how they approach cooking and meal preparation, leading to a decline in the popularity of traditional cooking appliances such as microwaves and slow cookers.
Microwaves are being replaced by air fryers, toaster ovens, and convection ovens, which offer healthier cooking methods with less reliance on oil and fat. Millennials are also turning to multi-functional appliances like Instant Pots and sous vide machines, which streamline meal preparation and allow for creative culinary experimentation.