Marketview has released its latest survey results that show what millennial consumers are really spending their hard-earnt money on.
In a report analysing spending behaviour by consumers aged 25-29, Marketview have found that over the last eight years, these consumers have increased their spending by 56 percent, outstripping their growth in population.
Marketview revealed that in 2017, Millennials spent more on takeaways than they did at clothing, footwear, health, beauty, pharmacy and cosmetic stores combined.
The study showed that less money was being spent on products and more on dining out. Although dining out took first precedence in millennial spending, growth for online shopping also grew.
Figures show that since 2009, these consumers have more than tripled the amount they spend online, now allocating 10 percent of their spending budgets to online purchases.
Managing director of Marketview Stephen Bridle notes that younger consumers are helping keep more boutique places around even as they shop online, due to going out for coffee and such more frequently.
"Millennials are not to be underestimated in their spending power, and ability to alter the retail environment. Retailers need to pay attention to the preferences and spending patterns of this generation if they want to profit from what is a highly valuable group of consumers, and not be left behind" says Bridle.