Colliers examines millennial spending habits dating back to 2000 – looking into spending on a range of ‘irresponsible’ and ‘responsible’ categories, examining how (or if) millennials differ from previous generations.
• Millennials seem to be saving more for retirement than one might assume and are spending a larger portion of their hard-earned income on responsible categories such as education, childcare, and health care.
• As millennials age into their prime consumption years, healthy and convenient options will be tempting to their wallets, and grocers will need to continue providing new ways to attract spending from a generation that is increasingly choosing the convenience of eating-out or ordering-in rather than a fridge full of groceries.
• The health and wellness trend among millennials is expected to continue, and likely carry on with Generation Z. It is becoming increasingly common for millennials to choose fitness classes and healthy restaurants more often than multiple drinks at the local bar.
• Millennials are also expected to spend increasing amounts on childcare as they start new families. With the growing affordability issues among many Canadian cities, dual income households are becoming more necessary, boosting demand for childcare during the workday.