5W Public Relations, one of the 15 largest independently-owned PR firms in the U.S., has learned that health and wellness rank as the top category Millennial consumers are most likely to save on, determined by their 2020 Consumer Culture Report. In contrast, experiential purchases ranked first, with things like electronics, beauty, personal care, shoes & accessories and snacks falling in the middle.

"Our data shows that 68% of Millennials don't see the importance of investing in their health early on," said 5WPR CEO and Founder, Ronn Torossian. "Younger generations are attracted to instant gratification. They want to spend their money on immediate experiences rather than invest in their future."

The research shows a special focus on Millennials who, are estimated to spend 1.4 trillion in 2020. The report also revealed this age group as the most impulsive and the most highly influenced generation with 82% of Millennials purchasing an item the first time they see it if they like it enough.

A 2019 study released by Blue Cross Blue Shield came to the conclusion that Millennials are less healthy now, than Generation X members were at the same age. Additionally, Blue Cross Blue Shield's Health index found that by age 27, individuals begin to experience a major decline in health.

"We know that Millennials are spending money, they just might not be making responsible purchases," says 5WPR President, Dara A. Busch. "It's time for the health and wellness industry as a whole to move in the direction of more modern messaging that is going to attract this younger generation. This might mean partnering with a cause of similar values, incorporating personalization, selecting influencers of the target demographic, or using visuals to tell a story about the experiential value of the product. We know Millennials value experiences over things, so allowing this age group the opportunity for discovery, sharing and conversation is key – online reviews and social media are great ways to leverage this."