- Coronavirus is causing millennials to change their spending habits more than other generations.
- They’re cutting back on spending in case a recession happens and shopping online more.
- Some millennials are also worried they won’t be able to afford costs for coronavirus treatment and screening, should they become infected.
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They’re already cutting back on spending in case coronavirus leads to a recession, and they’re taking the shopping they are doing online to avoid going out in public. They’re also taking advantage of delivery apps more than usual.
And when it comes to affording coronavirus treatment and screening, many millennials are worried. More than one-third of insured millennials aren’t confident they could handle costs, according to a First Insight survey, and they said they might have to borrow money from family or the bank to afford it.
But not all millennials are as concerned about coronavirus or practicing social distancing. Some are capitalizing on cheap coronavirus flights to see the world or take a vacation.
Here’s how coronavirus is affecting millennials’ financial behavior.
2. When millennials do shop, they’re doing so online.
Millennials are also cutting back on in-person shopping trips — 39% said they’re shopping less frequently in stores, compared to 30% of overall respondents, reported Thomas, citing the First Insight survey. And 30% said they’re shopping more frequently online instead, compared to 21% of respondents across all age ranges.
That includes online grocery shopping, which has seen an uptick in demand thanks to coronavirus.
Consider online grocery ordering service FreshDirect, which said it’s seeing an increase in orders from both new and existing customers, Thomas reported. “Our data leads us to believe customers are preparing more meals at home, and are consuming more fresh and organic food to stay healthy,” Chief Merchandising Officer Scott Crawford said in a statement Thursday.
3. And they’re taking advantage of delivery apps and services more than ever.
Thirty percent of millennial respondents in the First Insight survey also said they’re taking advantage of curbside pickup.
Coronavirus has spurred the rise of no-contact food delivery, Hilary Russ reported for Reuters. Instead, delivery drivers are leaving meals on doorsteps and orderers are texting their drivers pictures of where they want their food dropped off, she wrote. Delivery apps Postmates and DoorDash are both rolling out contactlesss delivery.
However, as the coronavirus spreads, worries over contaminated food and a scarcity of drivers in the event of a quarantine could put delivery app usage on the decline, Sibile Marcellus reported for Yahoo.
4. Some millennials are buying cheap airline tickets.
In a time when coronavirus has decimated air travel, airlines are dropping prices and offering flexible ticket policies to some locations. The 20-somethings Kesslen spoke with said they want to capitalize on this for various reasons: to explore new destinations, enjoy a vacation, or see family.
“I feel like if the coronavirus would get even more serious and like wipe out a large amount of people, I might as well be somewhere having fun,” Ashley Henkel, a 20-something who booked flights to Vancouver, New York City, and Portland, Oregon, for the summer told Kesslen.