5 ways coronavirus is changing millennials’ money habits more than any other generation

millennial coronavirusmillennial coronavirus

Coronavirus is changing millennials’ financial behavior.

Mary Altaffer/AP Images

Coronavirus may put most millennials at less physical risk than older generations, but it may be changing the generation’s spending habits more.

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.

woman shopping online

10’000 Hours/Getty Images

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.

Uber eats

An Uber Eats delivery bag.

Education Images/Getty Images

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.

millennial travel coronavirus.JPG


While many people are canceling, rescheduling, or changing trips, millennials are taking advantage of cheap flights, reported Ben Kesslen for NBC

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. 

5. Millennials are more likely to turn to other sources for help paying for coronavirus treatment costs.

doctor health insurance

Joe Raedle/Getty Images

Nearly half of insured Americans think they can’t afford to get sick with coronavirus, according to a Healthcare.com and YouGov poll. But younger people are more concerned about paying for coronavirus treatment and testing than older people.

Of those ages 18 to 34, 35% aren’t confident they could deal with costs compared to 24% of those ages 55 and older, according to additional poll data Healthcare.com provided to Business Insider. 

That might explain why respondents between age 18 and 34 are five times more likely than those who are 55 and older (24% vs. 4%) to borrow money from family members to afford coronavirus costs. They’re also more likely to put costs on their credit card, but only by three percentage points more.

Generation Z from Business Insider Intelligence


wuhan coronavirus
BI Select

Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Read More

By |2020-03-15T13:27:12+00:00March 15th, 2020|Business|Comments Off on 5 ways coronavirus is changing millennials’ money habits more than any other generation
Go to Top