Millennial Spending on Fitness
Millennials, the generation born between 1981 and 1996, are known for their health-conscious lifestyles. They are more likely than previous generations to invest in fitness and wellness, spending an average of $115 per month on these activities (BeautyMatter, 2023). However, this spending can come at a cost, with many Millennials taking on credit card debt to finance their fitness goals (LendingTree, 2021).
Impact of Social Media
Social media plays a significant role in influencing Millennials’ spending habits, particularly when it comes to fitness and nutrition (CompareCards, 2020). Over 17% of Millennials admit to being driven by social media influencers to spend money on these activities. Fitness influencers, such as Kayla Itsines and the Kardashians, often promote expensive workout programs, supplements, and equipment, which can lead Millennials to believe that these products are necessary for achieving their fitness goals.
Willingness to Overspend
Despite the financial risks, many Millennials are willing to spend more than they can afford on fitness and nutrition if it helps them get healthier (CompareCards, 2020). This is evident in the fact that 38% of Millennials say they are willing to do so. This willingness to overspend can lead to financial problems down the road, as Millennials may struggle to repay their debts while also maintaining their fitness expenses.
Common Fitness Expenses
The most common fitness expense among Millennials is gym membership, with 76% of spenders investing in it (CompareCards, 2020). Other common expenses include workout attire, equipment, mobile apps, personal trainers, boutique fitness classes, and ClassPass. Subscription-based fitness or diet expenses are also popular among Millennials, with over 1 in 3 having at least one subscription.
Conclusion
Millennials’ spending on fitness and wellness is a reflection of their health-conscious lifestyles. However, it is important for Millennials to be mindful of their spending and to avoid taking on excessive debt to finance their fitness goals. By making informed decisions and budgeting wisely, Millennials can achieve their fitness goals without compromising their financial well-being.
References
- BeautyMatter. (2023). Just the Numbers: American Spending on Beauty, Fitness, and Wellness. https://beautymatter.com/articles/just-the-numbers-american-spending-on-beauty-fitness-and-wellness
- CompareCards. (2020). CompareCards Survey: Nutrition and Fitness Expenses Drive 40% of Millennials and Gen Z into Credit Card Debt. https://www.prnewswire.com/news-releases/comparecards-survey-nutrition-and-fitness-expenses-drive-40-of-millenials-and-gen-z-into-credit-card-debt-301010048.html
- LendingTree. (2021). Fitness, Nutrition Spending Driving About 40% of Millennials and Gen Z into Debt. https://www.lendingtree.com/credit-cards/study/fitness-nutrition-spending-debt/
FAQs
How much do Millennials spend on fitness?
Millennials spend an average of $115 per month on fitness, beauty, and wellness.
What are the most common fitness expenses among Millennials?
The most common fitness expenses among Millennials are gym membership, workout attire, equipment, mobile apps, personal trainers, boutique fitness classes, and ClassPass.
How does social media influence Millennial spending on fitness?
Social media plays a significant role in influencing Millennials’ spending habits, particularly when it comes to fitness and nutrition. Over 17% of Millennials admit to being driven by social media influencers to spend money on these activities.
Are Millennials willing to overspend on fitness?
Yes, many Millennials are willing to spend more than they can afford on fitness and nutrition if it helps them get healthier. This is evident in the fact that 38% of Millennials say they are willing to do so.
What are some tips for Millennials to save money on fitness?
Here are some tips for Millennials to save money on fitness:
- Take advantage of free or low-cost fitness options, such as walking, running, and bodyweight exercises.
- Join a gym that offers affordable membership rates.
- Look for discounts on fitness classes and personal training sessions.
- Buy used fitness equipment instead of new equipment.
- Share the cost of fitness expenses with friends or family members.
What are the risks of overspending on fitness?
Overspending on fitness can lead to financial problems, such as credit card debt and poor credit scores. It can also lead to feelings of guilt and shame.
How can Millennials achieve their fitness goals without overspending?
Millennials can achieve their fitness goals without overspending by setting realistic goals, budgeting wisely, and taking advantage of free or low-cost fitness options.