1851

Just under half of millennials say that social media use compels them to spend money they don&rsquo;t have, according to an article on <a href="https://www.cnbc.com/2019/05/13/half-of-millennials-say-social-media-makes-them-overspend.html?utm_source=1851franchise.com&utm_medium=article&utm_campaign=millennials-say-that-the-lifestyle-allure-of-social-media-makes-them-overspend-2709946" target="_blank" rel="nofollow" target="_blank">CNBC</a>.

&ldquo;Just under half, 49%, of millennials (ages 23 to 38) say social media influenced them to spend money on experiences, according to <a href="https://www.aboutschwab.com/modernwealth2019?utm_source=1851franchise.com&utm_medium=article&utm_campaign=millennials-say-that-the-lifestyle-allure-of-social-media-makes-them-overspend-2709946" target="_blank" rel="nofollow" style="text-decoration-line:none" target="_blank">Schwab&rsquo;s 2019 Modern Wealth survey</a>. And 48% say they&rsquo;ve overspent when sharing experiences with friends, whether it&rsquo;s dining out or going on a group vacation,&rdquo; the article said.

According to the article, personal finance author and &ldquo;So Money&rdquo; podcast host Farnoosh Torabi said, &ldquo;We all spend time, so much time, on social media. We tend to overspend because we see all the lifestyles on Instagram and Facebook.&rdquo;

&ldquo;Millennials are feeling a lot of stress, and one of the things that are causing that is the influence of social media,&rdquo; said Terri Kallsen, Schwab&rsquo;s executive vice president of investor services, according to the article. &ldquo;That&rsquo;s because a majority of millennials is paying more attention to how their friends spend than how they save. It can be easy to do: How many of your friends are posting about how big their savings account balance is this month versus how many are posting photos of their latest vacation or fancy dinner?&rdquo;

What does this all mean for a franchising audience? Most obviously, that it&rsquo;s more important than ever to have a strong social media presence for your brand, as significant consumer activity is happening on social media platforms (a trend to which Instagram got hip; <a href="https://venturebeat.com/2019/04/30/instagram-introduces-new-shopping-donation-and-camera-features/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=millennials-say-that-the-lifestyle-allure-of-social-media-makes-them-overspend-2709946" target="_blank" rel="nofollow" style="text-decoration-line:none" target="_blank">the social media giant rolled out a shopping feature last spring</a>.) 

It also means that social media-based consumer behavior should be tracked by franchisor&rsquo;s real estate development teams when sourcing prospective locations. 

To read the full story, click <a href="https://www.cnbc.com/2019/05/13/half-of-millennials-say-social-media-makes-them-overspend.html?utm_source=1851franchise.com&utm_medium=article&utm_campaign=millennials-say-that-the-lifestyle-allure-of-social-media-makes-them-overspend-2709946" target="_blank" rel="nofollow" style="text-decoration-line:none" target="_blank">here</a>.

<div>&nbsp;</div>

Millennials Say That The Lifestyle Allure of Social Media Makes Them Overspend

1851 Franchise

A focus on how friends and influencers spend on social media is translating to significant consumer activity. 


millennials-say-that-the-lifestyle-allure-of-social-media-makes-them-overspend

Mosquito Squad Plus

How This Marine Corps Veteran Found Freedom and Purpose With Mosquito Squad

how-this-marine-corps-veteran-found-freedom-and-purpose-with-mosquito-squad

Spadea Lignana Franchise Attorneys

How The DeFelice Brothers Turned a $10,000 Loan Into an Award-Winning Franchise With Help From Spadea Lignana

how-the-defelice-brothers-turned-a-10000-loan-into-an-award-winning-franchise-with-help-from-spadea-lignana

Caring Transitions

How This Gilbert Entrepreneur Found Purpose Helping Families Through Life’s Transitions

how-this-gilbert-entrepreneur-found-purpose-helping-families-through-lifes-transitions

USA Ninja Challenge

Where Passion Meets Purpose: USA Ninja Challenge Gives Franchisees the Power to Change Lives

where-passion-meets-purpose-usa-ninja-challenge-gives-franchisees-the-power-to-change-lives

SweatHouz

From Finance to Wellness: Natalie Siewers’ Path to Leading SweatHouz in Northern Virginia

sweathouz-franchise-northern-virginia-natalie-siewers

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Thursday 1851 Franchise Agg - NASAA’s Noncompete Push

NASAA’s Noncompete Push Puts Franchise Growth on Uncertain Ground

franchise-noncompete-nasaa-advisory-reasonableness-standard

How a Steady Economy Could Help Franchisors Plan Their Next Move

how-a-steady-economy-could-help-franchisors-plan-their-next-move

Bed Bath & Beyond - Franchise Expansion - Retail Strategy - 1851 Franchise

Bed Bath & Beyond Launches Franchise Model as Part of Comeback Strategy

bed-bath-beyond-franchise-expansion-retail-strategy

Senior Entrepreneurship - Franchising - 1851 Franchise

Senior Entrepreneurship Is Rising — And Franchising Is a Key Outlet

senior-entrepreneurship-franchising-silver-startups

U.S. Government Shutdown - Impact on Franchises - 1851 Franchise

Government Shutdown Stalls SBA Loans: How the Shutdown Could Impact Franchises

government-shutdown-impacts-sba-loans-tourism-franchises

NJCAR v. Ford - New Jersey Supreme Court Limits Standing Under Franchise Practices Act

New Jersey Supreme Court Limits Standing Under Franchise Practices Act

new-jersey-franchise-practices-act-njcar-v-ford

Power Eats: Smoothie King Rolls Out Food Nationwide To Fuel Franchise Growth

smoothie-king-food-menu-power-eats

Subway Franchisees Resist Expensive Remodel Directives

subway-franchisees-resist-expensive-remodel-directives

Friendly’s Parent Company Acquired by Multi-Unit Franchisee as More Owners Take the Lead in Brand Acquisitions 

friendlys-parent-company-acquired-by-multi-unit-franchisee-as-more-owners-take-the-lead-in-brand-acquisitions

A Practical Playbook: Who To Call First When Franchising Your Business

franchising-your-business-who-to-call-first

image of jerome hanway from right at home Las Cruces, New Mexico 1851 franchise franchisee spotlight

Jerome Hanway Is Building His Right at Home Franchise Around His Mission To Serve

right-at-home-franchise-las-cruces-jerome-hanway

image of franchise deep dive from 1851 franchise on doody calls franchise authority brands

DoodyCalls Franchise Costs, Fees, Profit and Data for 2025

doodycalls-franchise-deep-dive

1851 Keyword - The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

part-time-franchises-picking-the-right-model

Millennials Say That The Lifestyle Allure of Social Media Makes Them Overspend

MORE STORIES LIKE THIS