Business Insider: Everything You Know About Millennial Spending is About to Change

As millennials get older and start families, their spending habits are changing and alerting business in the retail, automotive, restaurant, and home-buying industries. According to a recent Business Insider article, about 80 percent of the 18- to 35-year old generation will become parents in the next decade.

This younger generation has been notorious for spending their money on experiences over apparel, renting homes instead of buying, and dining out more often than eating at home. From looking at past generations, we know that once people have kids their spending habits tend to shift. While millennials are becoming parents, they are doing it much later in life according to data from Wells Fargo.

Millennials are projected to spend $200 billion annually starting in 2017 and $10 trillion during their lifetimes.

Their spending habits will affect many industries including restaurants and fast food chains as new parents will be searching for healthier options to feed their children. Companies including Wendy’s, McDonald’s, and Chick-fil-A are trying to keep up by eliminate preservatives from their food.