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5 things millennials are paying for that their parents never would have dreamed of spending money on

Published by Business Insider on Mon, 27 Jan 2020


Millennials are spending money on lifestyle choices their parents didn't even dream of.Some of these things, like therapy and plastic surgery, were viewed as taboo by baby boomers.Others, like egg freezing and the rental economy, only became available or mainstream as millennialscame of age.Visit Business Insider's homepage for more stories.Millennials are living a life their parents never dreamed of, and it's all because of what they choose to spend their money on.The generation is paying for things that were previously seen as taboo by their parents, like therapy and plastic surgery. Social media has helped normalize both of these for millennials.Millennials' are also paying for different lifestyle choices as a result of the economy and technological advancements they grew up in. As this generation waits to have kids at a later age than previous generations, taking time to first find their footing in the world, they're turning to egg freezing to help them delay starting a family.That's not to mention their preference for renting. From clothing and furniture to hotels and rideshares, millennials have come to prefer non-ownership for its flexibility and ability to let them spend within their means.Here are five lifestyle choices millennials are paying for that their parents couldn'tor wouldn'tspend money on.SEE ALSO:15 ways millennials changed the world in the 2010sDON'T MISS:7 ways life is more expensive today for American millennials than previous generationsMillennials are more likely to attend therapy than their parents were.Depression is on the rise among millennials, but the generation is addressing it head-on by helping to destigmatize therapy. While previous generations also attended therapy, it was a more taboo subject for them; millennials are more open to talking about and attending therapy."Today's 20- and 30-somethings turn to therapy sooner and with fewer reservations than young people did in previous eras," Dr. Peggy Drexler, a psychologist, wrote in an essay forThe Wall Street Journal.Celebrities such as Demi Lovato and Lady Gaga, who have been open about their depression struggles, and conversations on social media have also helped normalize therapy, Drexler wrote.Men and women are turning to plastic surgery at a younger age because of the influence of social media.Millennialsboth men and womenare turning to plastic surgery sooner than their parents did. In 2018, 72% of facial plastic surgeons reported seeing a rise in patients under age 30 seeking cosmetic surgery or injectables, according to a survey by the American Academy of Facial Plastic and Reconstructive Surgery.Injectables are particularly increasing in popularity, with Botox leading the way, the survey found. Millennials have normalized facial plastic surgery, in part because of the influence of social media and technology.Instead of attempting to reverse the aging process later on in lifethe way previous generations have approached plastic surgerythey're trying to maintain their youthful look, Phillip R. Langsdon, AAFPRS president, said in the press release.Millennials are shelling out big bucks to freeze their eggs so they can delay starting a family.As more women delay having babies than ever before,many are turning to egg freezing.And they're shelling out big bucks to do it: A single cycle can average anywhere from $6,000 to $20,000, according to experts. That doesn't include the $500 to $600 yearly storage costs. But women aren't the only ones paying for egg freezing costspartners are also helping out.Some companies, like Google, Apple, and Facebook, are even offering egg freezing as a company benefit so employees can have more freedom to plan for a family on their own timeline, but it's not a common perk.Millennials don't buy their wardrobe ' they rent it.Why buy clothes when you can just rent them' Rent the Runway, which allows women to rent high-end clothing, made rental fashion mainstream when it was founded in 2009. Since then, a number of rental clothing services have popped up, from Nuuly to Banana Republic Style Passport to Gwynnie Bee.Rental clothing appeals to younger consumers because it offers a more sustainable way to shop and live a minimalist life, reported Business Insider's Mary Hanbury. It also caters to their craving for newness, she wrote.Brett Northart, president of rental company Le Tote, told Alejandra Reyes-Velarde of the Los Angeles Times that rental clothing is popular because consumers want flexibility and have less desire to own things after the recession.In fact, they're renting everything.But it's not just wardrobes that millennials are renting. They're renting out all aspects of their lives: There's Airbnb for travel, Lyft for transportation, and Fernish for furniture, among other things. That's not to mention other aspects of the share economy, like streaming services such as Netflix and Hulu, which millennials have turned to in order to cope with burnout.In an article for The Times,Sapna Maheshwari wrote: "Many young American urbanites have resigned themselves to a life of non-ownership." These days, everything is up for lease, she said.As the market strategists atConvergEx Groupwrote in anote to clients, "Renting and sharing allow us to live the life we want without spending beyond our means."
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