WASHINGTON (CBS) — It goes without saying that things change between generations. Generation Y, Generation Z, the Millennials, and the Baby Boomers are have very strong characteristics that separate them from one another.
A new study finds that among millennial parents, spending habits show a great difference compared to other generations.
“As many millennials move into parenthood, we are beginning to see how their expectations and shopping preferences compare with those of previous generations,” explains the National Retail Federation’s Director of Retail and Consumer Insights Katherine Cullen.
Millennials were born between 1981 and 1994 and they are parents to 50 percent of today’s children — 80 percent of millennials with children are in their 30s.
“Whether it’s using a subscription service to make sure diapers don’t run out or going online to research the best crib or car seat, millennials shop differently than other parents,” said Cullen.
The controversial generation makes a significant contribution to the $1 trillion U.S. parents spend annually on raising their children.
Parents of other generations had a different lifestyle and shopping choices than millennials.
The National Retail Federation’s report finds that 40 percent of millennials hold a graduate degree.
Sixty-nine percent of respondents earn more than the national median income of $59,000 a year, compared with 53 percent of other parents.
The generation’s consumer confidence has risen by more than 20 percentage points since 2008 and a third feel that their financial situation has improved over the last year.
Millennials are largely concerned with good customer service with the practice ranking ahead of convenience, selection and loyalty programs.
They also prefer to shop at stores that reflect their social and political values.