As the world opens back up, Millennial spenders are preparing to spend more money outside the home, according to a recent survey from Citi.
The bank surveyed customers ahead of launching its most recent Custom Cash Card, reporting that respondents’ buying habits vary widely and have changed drastically in past months. And although beauty products don’t top the list of spending, their activities bode well for the category — with socializing, travel and entertaining topping the list. “Eight-two percent of respondents said that what they spend on varies month-to-month based on their various interests, so on an individual level, people want to live as they choose,” said Pam Habner, head of U.S. branded cards and lending at Citi.
Although consumers are still spending on quarantine-era hobbies and habits, they are branching back into outdoor categories centered around human connection. ”Seventy-two percent tried a new hobby this past year, and those aren’t going away,” Habner said. “Some of the ones getting the most buzz are streaming services, because folks have gotten used to streaming all of their shows. Fitness clubs, too, as consumers can return to them, are popular,” she said.
The more outdoor-facing the category, the better it is expected to fare, Habner said. “For Millennials, the only constant is change. Spending patterns were upside down last year, and some traditional categories were down during the pandemic, like travel and dining. As the world is opening up again, we’re seeing those return,” she said.
Here, the top five categories Millennials are planning to spend on.
- Happy hours/socializing with their coworkers over food: 44 percent
- Going to live entertainment after work: 36 percent
- Traveling for work: 28 percent
- Running errands around the workday: 23 percent
- Group fitness classes around the workday: 19 percent
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