Millennial Spending Habits Explained: Where and How They Spend Their Cash

January 16, 2020 | Daniel Dewitt

millennial spending habits

Millennials are said to be the country's largest spenders at the moment. Why? Because they are increasingly reaching their highest earning (and therefore spending) years.

Their money habits are scrutinized and targeted by companies to ensure they are accurately reflected in their products and marketing strategies. And many millennials don't know they can take out an online title loan.

 Millennial Spending Habits Explained

Before we carry on, we should define who millennials are: "Millennials" is the name for those who were born between 1982 and 1996.

How Do Millennials Make Spending Decisions?

Extensive market research has concluded that millennials value eco-friendliness and social responsibility when purchasing products. Because of this increased demand, it's slowly becoming more "mainstream" to have eco-friendly packaging.

Moreover, they are less prone to following advertisements. Instead, they will go with their friend group or their own instincts.

They are incredibly focused on discounts. It doesn't necessarily matter about the brand's reputation or recommendations. All they really want to know is the price. Additionally, it's shown that millennials tend to value brand authenticity, shopping local, and receiving a pleasant customer service experience.

Where Do They Spend Their Cash?

Unlike older generations, millennials are spending far more on creature comforts and convenience than on televisions, pharmacies, furniture, and travel. Research has concluded that the majority of millennials are willing (and do) spend more than $4 on one cup of coffee. They love to eat at the trendiest places in town and buy clothes because they want them rather than need. But what do they do when they find themselves in a financial crisis?

millennial getting a car title loan

What Do Millennials Do If They Find Themselves in a Financial Emergency? Take Out Title Loans

There are plenty of benefits to taking out title loans in Tennessee if you are a millennial. Some of these include:

  • You can borrow anywhere from $300 to $2,500 with Tennessee Title Loans Inc. This will certainly be enough to cover emergency home or auto repairs.
  • You only need a mere three documents to apply and be approved for title loans. What are these documents? A line-free title to your vehicle, a state-issued ID card like a driver's license, and your vehicle.
  • The process can take around 30 minutes. We don't like to waste your time and work tirelessly to shorten the process as much as possible.
  • There are locations all across the state so you are bound to be close to one. See our Tennessee title loan locations here.
  • It doesn't matter whether you have a perfect score, a terrible score, or no score at all, we're here to help. You should never be judged and denied financial aid due to your monetary past.
  • You can start the process online.
  • You get to keep your vehicle while you are paying off the loan.

How to Get Title Loans Near Me

The process is easy--we promise! Just follow these steps.

  1. Go to Tennessee Title Loans homepage and fill out the form. Make sure you complete all the necessary fields and hit submit. It should take no more than 5 minutes to do.
  2. After you have submitted your form, a loan specialist will call to walk you through the rest of the process. You should ask any questions now! The loan specialist will be able to answer everything on the phone before you make your way to the nearest storefront.
  3. Go To Your Nearest Tennessee Title Loans Inc Location. You will be met by another loan specialist. Please remember to bring your vehicle, your line-free title to your vehicle, and your state-issued photo ID (preferably your driver's license).
  4. The loan specialist will review all of your documents, inspect your vehicle, confirm the information you have already given, and answer any questions you forgot to ask earlier.
  5. Once everything is settled and you've been approved, you can receive your money on the same day! What could be better than that?

Overall, millennial spending habits can be quite different from other generations. They are more cynical about brands and more socially and environmentally conscious. If millennials gets in a bind and need help in an emergency, then title loans can be an option to get them through.