Millennial’s shopping list: streaming services, cannabis and airlines
According to Robinhood, a popular millennial trading app, millennials made up 70% of stock purchases on their trading platform. Cannabis, airlines, cruises, streaming services were amongst the top 10 stock categories purchased on this platform. This data shows that millennials are acting a lot different compared to their older generations during a recession. 61% of the world’s wealthiest investors are waiting for stocks to drop further before buying again, worried that the pandemic will continue to impact. Is this naive optimism that we’re seeing or do millennial investors know something that the rest of us don’t? We don’t know the answer to that yet but they are definitely taking advantage of this opportunity
Wealth platforms that appeal more to the millennial generation such as Wealthfront and Wealthsimple have increased their total signups by 68% and 54% in the past month. These investors have proven to be much more opportunistic, out to seek a bargain, and drawn to stocks that could reap fast rewards as evident in recent trends – cannabis, bitcoin, or anything with a 10x growth potential.
Top 10 stocks bought on Robinhood in March:
1. Inovio (pharmaceutical company developing a COViD vaccine)
2. Ford Motor (automotive)
3. Aurora Cannabis (cannabis)
4. Disney (media and entertainment)
5. Microsoft (technology)
If you can’t afford a Tesla, you can always settle for their stock. Just be careful you don’t end up getting screwed by the company’s own CEO.