You’re welcome, America
Say what you will about millennials–they spend.
But with every generation comes a new set of spending habits, and while some industries fall, others rise in their place. Here are 5 industries you didn’t know millennials were actually saving:
More than half (53%) of millennials say they’ve used a public library, according to a new study by Pew Research Center. With many offering free internet, printing, and study space, libraries are the perfect 20-something hangout.
And while the in-person use of libraries has remained relatively stable in the past five years, the use of library websites has shot up, largely due to millennials turning out in droves to research and reserve their favorite free books. More than four in 10 (41%) millennials reported having used a library website in the past 12 months, compared to 31% of all adults.
Millennials are also the healthiest generation. From 2004 to 2013, fitness center revenue was in decline, even as memberships increased. But each one of the past few years has seen more gyms, more brands, and millennials shelling out more money for memberships.
The sale of athletic apparel and footwear has also seen a boost since 2012, while total apparel is still in decline. Millennials make up a large market share–41% of millennial women have worn a sports bra in the past seven days, compared with 21% of non-millennial women, according to the NPD Group.
In 2001, coffee prices were the lowest they’ve ever been–but no longer. Millennials may be savers, but they won’t skimp on their caffeine. 60% of millennials admit to regularly spending more than $4 on coffee according to Charles Schwab’s Modern Wealth Index, compared to 40% of Gen X, and only 29% of baby boomers.
While the sale of coffeemakers has declined, out-of-home coffee sales have exploded in the past few years, having closed out 2016 3.3% higher than 2015, according to RaboResearch.
The past few years have looked grim for the music industry, with album and record sales declining across the board. But even though music and TV are free-er than ever, there’s still one way millennials are keeping the industry afloat: live concerts.
The average price of a concert ticket has risen almost thirteen dollars since 2006, and according to Schwab, 73% of millennials are still willing to spend money on a live event, compared to only 65% of generation x, and 55% of baby boomers.
Meanwhile, 80% of millennials will attend a concert or sporting event this year, according to Evenbrite, and millennials make up 70% of the customers of TodayTix, a popular ticket-buying app.
Many foods are on their way out: soda, cereal, juice, and gum have all seen decline in recent years. But snacks aren’t going anywhere, and we have millennials to thank. The U.S. snack market is booming, according to Euromonitor International: It may reach $50 billion by the year 2021. And millennials are more than twice as likely as non-Millennials to indulge in mid-morning, mid-afternoon, and late-night snacks (they’re also more likely to preference fast food and “fast casual” meals).
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