We have all heard the narrative before that millennials spend too much. “They likely would rather spend $15 on avocado toast then save for a rainy day”. Although this may be true, it is short sighted and not looking at the bigger picture of the landscape our marketplace. How companies reach consumers has changed. Today you could have viewed 20- 50 ads in just 10 minutes of scrolling through an app on your phone. This means companies are spending less on an advertising but reach a broader target market.
Social media plays a profound role in how we spend as consumers and our financial well being. Putting an even bigger need for financial discipline and awareness in our everyday lives. Now more than ever millennial consumers should focus on paying themselves first before spending on non-essentials.
This article by Nick Routley analyzes how brands are switching their focus to social media to reach their target markets and how it has impacted consumers today.
