People born between 1981 and 1996 are quickly becoming a dominant consumer base. As they fall into careers and build families, Millennials are pumping more into the economy than ever before. This large generation is unlike those before them, as they have little in common with their parents when it comes to money. As a result, Millennial priorities are different than others when it comes to spending money. Surprisingly, majority of millennials have limited amount of savings but also owe less in loans and credit card debt.

However, lower salaries within an increasing rate of employment and engagement in the economy are affecting the bottom-line. When it comes to making investment decisions, they regularly act on instinct rather than taking advice from experts. Personal connection trumps experience as these young adults turn to others to manage their money. Authenticity and trust go a long way, in the eyes of Millennials choosing a professional to stand behind. Environmental friendliness and social responsibility are prime factors behind the purchase of goods or services.

Due to a lack of savings, Millennials focus more on price rather than any other aspect of a product. Quality and brand reputation are overlooked when it comes down to filling the shopping cart. The quality of service is a strong indicator of whether this population are return-customers. Striving to ensure loyalty, progressive-thinking brands offer membership and loyalty programs to quench this need. In addition, Millennials expect products to give back to the community aside from inherent benefits.

When it comes to sales, Millennials always go online to uncover some of the further discounts. However, when it comes to drinks and dinner, this is where Millennials overspend. Similarly, this generation is more likely to purchase inessentials such as clothing or the latest electronic gadget. Despite these less-than-ideal spending habits, Millennials are more likely to have a financial plan than those before them; they continuously monitor their accounts and work with banks to reduce unnecessary fees.

Charles Schwab has interesting understanding into this contrasting behavior. According to 2017’s Modern Wealth Index, “more than a third of millennials say they have a written financial plan,” Charles Schwab reports. “Impressively, nearly 91 percent of them review or update their financial plans at least annually.” The jury is still out on how these spending habits will positively or negatively affect the economy. Can this generation help turn the economic rollercoaster? Regardless, one thing is certain; the Millennials will for sure make an impact for years to come.