Millennials are spending their money on 3 major categories
Forget about clothes and shoes.
We've known that consumers prefer to spend money on technology as opposed to apparel, but Jim Cramer (via Carl Quintanilla) has stated the three places where they're actually choosing to spend their hard-earned cash.
It's in three places.
"Battered by student loan debt and the Great Recession, Millennials place less emphasis on owning and more on sharing, bartering and trading to access coveted goods," Jilian Mincer of Reuters reported last year. "These behaviors have propelled businesses such as car rental service Zipcar, taxi service Uber and home rental site Airbnb."
2. Cell phones
Young women love make up. When Goldman Sachs and Teen Vogue polled fashion forward women ages 13-29 to find out their favorite brands, MAC Cosmetics came out on top. Other cosmetic companies in the top ten included Sephora, Urban Decay, and Make Up For Ever, proving that young women have a strong affinity for cosmetic companies.
View millennials' 24 favorite retail brands of 2016:
More from Business Insider:
I've tried nearly every hot dog on the market — here's who does it best
Chick-fil-A is making big changes to take on Shake Shack and Chipotle
The pizza chain backed by LeBron James just tripled sales