Millennials are spending more on near-term fun like Halloween candy, decor, and costumes while putting less into retirement savings and hard assets than other demographics according to a recent survey.
The new Harris Poll showed that Millennials expect to spend 2.5 times more than Gen Xers and 8 times more than Boomers on Halloween related items. However, just 38 percent of Millennials say they are preparing for retirement, falling behind Gen Xers (62 percent) and Boomers (48 percent).
“Millennial consumers continue to demonstrate how they value experiences and are spending and saving accordingly,” said Ravi Kumar, head of Internet Banking at CIT Bank. “From costumes to parties, Halloween is all about enjoying the moment and has become one the most popular celebrations for those between the ages of 18-36.”
While the average consumer is expected to spend about $80 on Halloween products this year, Millennials say they will spend an average of $183.
As the 18-36 demographic continues to value experiences over hard assets like owning a home or saving for retirement, retailers are adapting. Macy’s started hosting miniconcerts and cafes in 2016 to draw in the younger consumers.
A 2016 Harris poll showed that Millennials view ownership differently than previous generations did. While young adults have traditionally placed high value in a car and home, many younger adults now see them as major commitments.