MANILA - Filipino millennials, regardless of their income, spend more on experience rather than on products, helping drive spending in entertainment, lifestyle and fitness, a consumer analyst said.
Millennials are also spending and investing less, relying on parental support for some of their needs, so they can spend their money freely, said WGSN Insight Asia Pacific senior editor Erica Ng.
Rich millennials spend on luxury travel while. Middle class millennials take longer to save for plane tickets while the poor are limited to land travel, Ng said.
The rich also burn cash in spas and yoga retreats, she said.
"Millennials are saving and investing less. This is a generation that saw their parents saving up and investing. They lived through the financial crisis and saw their parents lose everything they have," Ng said.
"That's where the concept of You Only Live Once (YOLO) came from. It's just for now, that's it," she said.
Millennials are also shaping up to be a "rent generation," choosing not to buy houses and cars. They also don't relate to earlier generations' notion of saving up and enjoying life later.