How Do Millennials Take Their Coffee - and How Much Do They Pay?
To many people, starting the day without a cup of coffee is out of the question, and the beverage could be worth any price. Though it was once seen mostly a pick-me-up on the way to work, coffee has moved from simple fuel to a luxury, and millennials are leading the trend.
Millennials Drink Differently
A report from Datassential Research suggests that millennials start drinking coffee at a younger age their forebears did. The youngest group of millennials, from age 18 to 24, are likely to have started drinking coffee at age 15, while older millennials, from age 25 to 34, started around 17. Those from Generation X, on the other hand, often didn't learn the benefits of the delicious brew until they turned 19. Younger groups also tend to prefer sweeter drinks than older people. For millennials, specialty drinks make up around 70 percent of their coffee drinking, while for Generations Xers, they accounted for a little more than half.
The preference for more creative concoctions may be costing younger people big bucks. A Workonomix survey by Accounting Principals from 2012 showed that millennial workers spent a significant amount more on coffee than older members of the workforce did. Around half of the total U.S. workforce spent around $1,000 per year on coffee, or more than $20 per week. However, people over 45 spent just $14.15 on coffee in the average week, while millennials were shelling out nearly $25. The average spent on coffee was so high that more than 20 percent of people in the survey said they thought their office should provide quality coffee to keep costs down.
Cutting Costs, Not Caffeine
Rather than do the unthinkable and suggest that millennials cut down on the coffee, the answer might be as simple as brewing it at home. A trip to the coffeehouse might be a good treat on occasion, but when it comes to the daily grind, taking a few minutes to prepare a cup of home brew before walking out the door could help coffee lovers slash costs.
Daily Finance ran the numbers to find the best way for people to get their daily jolt on the cheap. Even using a conservative estimate of a daily coffee budget just over $2, about the price of a medium cup from a major chain, the source estimated that visiting a coffeehouse every day would cost about $16 per week. That savings could buy a high-quality pound of coffee beans, or a few pounds of grounds. That could yield between 30 and 45 cups, for about 17 cents each, less than $70 for the whole year. That's a far cry from the more than $1,000 some people spend, leaving you with plenty of money in the bank to spring for a few lattes.