Millennials are spending more money on their hobbies than any other generation, according to Thistle research.
The study found that millennials – those aged 18-34 – have already spent more money than retirees have throughout their entire lifetime.
Seventy per cent (35 million UK adults) own special equipment for their hobby and spend an average of £2,098 over their lifetime.
Collectors spend the most money on their hobbies (£3,328), but cyclists are most serious about having the latest fashionable gear with over half (51 per cent) admitting it was important that they had the most up-to-date technology or equipment.
On average, millennials have spent £2,533 on their hobbies so far, while retirees have spent £2,092.
Over two-thirds (37 per cent) of millennials surveyed said they were likely to upgrade their kit, equipment and invest in the latest technology every year, versus just 15 per cent of 45 – 54s or seven per cent of retirees (65+). 14 per cent of millennials estimate they have spent more than £5,000 on their hobby equipment during their lifetime so far.
Over a fifth (21 per cent) update their equipment at least once a year, with ten per cent saying they update it every few months. Similarly, 22 per cent of cyclists are now using helmet cams to film their journeys, potentially to protect themselves against accidents, and over a third (37 per cent) use a heart monitor or health monitoring system.
Sara Newell, Cycleguard director, said: “There are clear differences between the generations about the value of hobbies with millennials appearing to place more importance and bigger financial spend on their leisure activities than older generations. With a bigger emphasis on wellbeing and work-life balance, it’s perhaps no surprise that this generation spends more on leisure.
“But with so much money being spent on equipment and the upkeep of our hobbies, there is a real need to make sure that our passions are protected. Equipment can quickly become damaged over the years and we urge consumers to check whether their policy covers for this.
“Our research shows that theft and damage are prevalent for UK hobbyists and it is vital that they think about protecting themselves before the worst happens.”