Millennials are spending their money on 3 major categories
REUTERS/Michael Spooneybarger
We've known that consumers prefer to spend money on technology as opposed to apparel, but Jim Cramer (via Carl Quintanilla) has stated the three places where they're actually choosing to spend their hard-earned cash.
It's in three places.
The sweet spot of millenial spending, per @jimcramer:
* Uber
* cell phone
* make-up
(h/t @ShannanSiemens) @CNBC pic.twitter.com/ql3gsJ64nD
- Carl Quintanilla (@carlquintanilla) March 23, 2016
Uber
Reuters/Damir Sagolj
Uber sits in the sweet spot between both of those categories.
More importantly, Uber highlights the millennial generation's general distaste for owning anything.
"Battered by student loan debt and the Great Recession, Millennials place less emphasis on owning and more on sharing, bartering and trading to access coveted goods," Jilian Mincer of Reuters reported last year. "These behaviors have propelled businesses such as car rental service Zipcar, taxi service Uber and home rental site Airbnb."
Cell phones
Ahn Young-joon
Having a cell phone is a must for young people. In fact, a recent Harris Poll survey noted that quite simply, young people can't function without their phones.
Make up
Astrid Stawiarz/Getty Images
Young women love make up. When Goldman Sachs and Teen Vogue polled fashion forward women ages 13-29 to find out their favorite brands, MAC Cosmetics came out on top. Other cosmetic companies in the top ten included Sephora, Urban Decay, and Make Up For Ever, proving that young women have a strong affinity for cosmetic companies.
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