A 33-year-old Chicagoan we’ll call Lana is wading through the security line at O’Hare, toting potato chips to avoid shelling out for an airport dinner. In eight hours, she’ll arrive at a resort in Mexico for her best friend’s wedding, and she’s pondering how much to contribute to the honeymoon fund. As a part-time yoga teacher one semester into grad school, she has $612.37 in her savings account, owes her sister $4,000 for help with rent, and is $56,000 deep in student loans. This trip alone costs $1,500.
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Every year, her New Year’s resolution is to get hotter, and she’s never failed. “I love making goals I can succeed at,” she says.
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Though 52% of millennials are now homeowners, another 24% believe they’ll never be able to save enough for a down payment. However, on average, they spend more money on cosmetics and aesthetic procedures than any other age bracket — $2,670 in 2023 compared with $2,048 for Gen Z and $1,517 among Gen Xers — as well as more on fitness.
Why Millennials Are Investing In Their Looks Like No Generation Before
For some it actually seems to have a positive ROI (suspect this is not common though)
Since the procedure, she has switched jobs twice, nearly doubling her income, to $270,000.
Gen Z and Millennial females spend 10x to 20x more, per year, on cosmetics, hair care and fitness than did Boomers in 1970. In fact, the fitness/gym industry mostly didn’t exist in 1970.
Economics is about making choices. Choose widely and don’t whine about your cash flow if you choose to spend your money.
