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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. 


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