(Australia-NewsWire.Com, May 02, 2013 ) Sydney, Australia -- The National Retail Federation has analyzed data that was gleaned from the Prosper Insights and Analytics' April Consumer Survey, which allows for a better understanding of the spending habits of millennials, according to the post in the NRF Big Blog.
The data has revealed that almost 90% of all young people feel that the economy is affecting their overall spending plans in one way or another. Despite that fact, and the higher unemployment rates, 18- to 24-year-olds are less likely to pull back their personal spending due to the economy. At least that is was Dianne Kremer, senior analyst of Prosper Insights & Analytics says is exposed in the numbers.
"Being less likely to carry the financial burden of a mortgage or the responsibility of children, coupled with being happier with the current administration in Washington, young adults are significantly more likely to have a 'live for today' mentality when it comes to opening their wallets. Though it's uncertain, these consumers remain more confident in the future health of the U.S. economy," she said.
Data shows just how millennials compare with the average adult when it comes to the economy and how it affects general spending plans.
Nearly 50% of polled millennials stated they spend less overall, and cite the overall economy for the reason. Just under 56% of average adults claim the same. About 25% of all millennials spent time finding the best deals when they purchased online, while 30% of the average polled individual did the same.
The study also found that discount stores are not high on young adults' lists of ways to save money. Of all polled 16% stated that they frequent discount stores more often than before, as compared to a quarter of all average adults.
Interestingly, travel is also not seeing as negative as in effect for the age group as one might believe. Only 20% of millennials believe they will travel less, while 33% of all U.S. Adults state they will reduce or remove possible traveling due to the economy.