Millennials in Massachusetts are spending a whole lot of money on alcohol and coffee.
Members of the generation reared on technology and Harry Potter are entering the workforce, and they now have money to spend. A recent study by the personal finance company Level Money has found that those millennials are using their wages to finance some of their guilty pleasures—like booze, caffeine, and fast food.
The young people of Massachusetts are at the forefront of some of those trends. They are among the most boozy and caffeinated millennials across the country—or at least, they spend among the most on those items. The state’s young folks spend the most on alcohol compared to their peers in the other 50 states, and they also ranked second on a scale of who spends the most at coffee shops.
Its jittery millennials spend an average of $277 every year on coffees and pastries sold by coffee shops. Only Maine could top Massachusetts on the caffeine front. Its young adults spend a total of $307 on coffee every year. Compare that to Mississippi, where millennials only spend $47 every year, which we can only presume has them moving as slow as their southern drawls. Mississippi also spends the least on alcohol.
Some of the study’s findings, to be sure, have to do with the costs of living and average incomes for different parts of the country.
The study found that Starbucks is the top coffee shop destination nationwide for millennials. About 45.5 percent of their coffee runs end at a Starbucks. Dunkin Donuts came second, drawing only 12.9 percent of young people nationwide.
Massachusetts ranked among the states with the lowest millennial fast food intake. It showed up as 44th. Vermont, Connecticut, and New York had the lowest fast food intake among young adults. Oklahoma’s millennials appear to value their fast food the most.
The study also highlights the fast food chain preferences for millennials nationwide. Although McDonald’s still dominates the young market (perhaps because it has the lowest price per transaction), it does so by a far smaller margin than it does for other generations.
Chipotle came second to McDonald’s, amassing a 6.4 percent share of business from young people. Subway fell shortly below that.