Social media increases millennials’ spending

Social media increases millennials’ spending

A recent research has shown that social networks are not beneficial to the financial situation of millennials. About 60% of people surveyed said that using social networks increases their spending. About 20% of people surveyed told that they do not want to miss out so they often splurge. And only 6% of people said that social networks are capable of increasing their financial income.

Fidelity’s young investors director Kelly Lannan noted on his interview that if some years ago it was about keeping up only with friends or some relatives, now it is more like keeping up with strangers and even celebrities.

For most millennials, their social media lifestyle is much better than they can afford, and most of them even do not understand how this can happen. In today's world, it is difficult to distinguish what is real and what is faked. This is because people see only a beautiful picture of other people's lives in social networks, and show a beautiful picture of their life in response.

Users with lots of followers can be seen in any social network, and many companies and brands send them some products to get promotion of them. So, how to understand whether these people show their real lives or this is all just advertisement?

Shayna Wiwierski, a lady from Winnipeg, created her beauty blog A Pop of Colour in 2011. Now, she has more than 15K followers on Instagram. She is one of those users who get many products to promote on a daily basis.

The girl shared her story and said that she began earning money not from the very beginning of her blog. First of all, she made reviews on the goods she had at that time, or on those that she could buy at the drug store.

The girl says that everything is not as simple as it may seem at first glance. She has a job besides her blog. In her free time, she needs to make good photos of the products she received, to post them to her blog, and to monitor all likes and comments in order to answer all the questions in time. In addition, she needs to come up with a good description of the product itself in order to attract the attention of her followers.

She regularly looks at the interests of her followers in order to understand what products they are interested in and what they are not. After all, if she adds everything she likes, she can lose many of them.

Wiwierski added that she likes her social media work and she gives her best to improve the content and to make it more profitable. 

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Shayna Wiwierski social networks millennials