NEW YORK (MainStreet) What are younger consumers spending on these days?
Level Money, a San Francisco financial services company that caters to those roughly 18 to 35, recently canvassed its 500,000 members to see where their cash is going and who is spending the most money on which guilty pleasures.
For instance, Maine was the where millennials spend the most at coffee shops (not Washington State, home to Starbucks). Young adults in Oklahoma spend more than $1,100 annually on burgers, fries and shakes and other fast food, compared with only $431 in Vermont. But competition is tight in the fast food market. According to Level Money, McDonald's holds only a 2-to-1 lead across this age group very different than its 3-to-1 lead in the general population.
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For coffee purchases, the survey ranks the top states for young money as:
3. New Hampshire
In more rural areas, coffee just isn't a priority. Utah, Wyoming and North Dakota are at the bottom of the coffee rankings for young consumers.
And for fast food, the states where millennials spend the most:
Up in the Northeast U.S., young consumers aren't spending on fast food. Pennsylvania, New York, Connecticut, and Vermont are ranked at the bottom of the list for fast food spending.
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Northeastern millennials are bellying up to the bar for happy hours and liquor store purchases, though. Two of the top three states on that list of spirits-friendly states for young drinkers include Massachusetts and New York, and another populous northern state (Illinois) ranks fifth.
Once again, more rural states are not ranked highly on the bars, bourbon and beers front. West Virginia, Iowa, South Dakota, Alabama, and Mississippi fall to the bottom of the barrel, literally, on cash spending on liquor and watering holes for younger U.S. adults.
As far as quick hot spots for food and coffee for millennials, McDonalds, Chipotle, Subway, Starbucks and Dunkin' Donuts all rank highly not surprising given the billions of dollars, collectively, major consumer brands spend on ads aimed at them.
To get a more thorough picture of how young Americans are spending their vice money, the entire survey is here.
By Brian O'Connell