This blog post was written by Catherine Buccello who is also a contributor to the BYOB Society Blog
Studies have proven and shown time and time again that millennials are driven by prioritizing experiences over buying material possessions. This has forced many retailers (think Bebe, BCBG, American Apparel and Macy’s included) to switch to e-commerce and file for Chapter 11. A recent study on CNBC found that 72% of millennials prioritize experiences such as travel, skydiving, festivals, etc. over material things. The millennial mentality on finances could be described as “Money made for memories”.
With these experiences, a majority comes from the desire for travel exploration. However, we know that booking a flight and planning a trip is basically as expensive as deciding to invest in name brand appliances, clothing, accessories and so forth. Many people are discouraged due to misconceptions of traveling – being too costly or the ability to have enough time/days available to permit a leisurely trip.