Millennials’ whimsical spending preferences are having a real impact on the economy

This generation say that they rate 'experiences' over owning stuff

Millennials are more likely to spend their money on travelling than on expensive handbags

Millennials’ whimsical spending preferences are having a real impact on the economy – and lifestyle

According to one analyst, millennials are “scarred” by having grown up during the recession, and have very different priorities and spending habits to the rest of us.

They drink less, for starters, and seem a sensitive bunch, not as obsessed with sex as I was at that age.

Millennials are very socially aware, and claim to care about the environment, but according to anti-waste charities, they throw away more food than any other age group.

Earlier this year a business magazine charted their tastes, trying to identify which businesses will suffer as millennials exercise their spending power.

This generation say that they rate “experiences” over owning stuff – eating out in restaurants and travelling to new places appeal more than going to a department store and spending time browsing.

Home improvement stores and gadgets hold no appeal because a large number are flat-sharing or still living at home. Items like designer handbags (we are still in the age of the workaday rucksack) and fancy clothing hold no appeal, instead millennials buy clothing online from niche companies which could be based anywhere.

And did you know that 40 per cent of this generation don’t visit physical banks? Almost two thirds think that bars of soap are “unhealthy” and “covered in germs”. And if you want to sound old, mention fabric softener or table napkins – millennials probably have no idea what they are.