Highlights. Millennial* retail spending totals $1.928 trillion over 12 months.
- In the U.S., Millennial consumers account for 26.8% of all retail spending.
- The average Millennial’s annual retail spending (including grocery) totals $27,710 or 2.95% more than the average consumer.
- Millennials spend 14.3% more on retail than Baby Boomers (b. 1946 – 1964) but 21.1% less than Generation X consumers (b. 1965 – 1980).
- Though Millennials are less likely than the average consumer to shop in-store, they are 30.2% more likely to shop in-store than online.
*In this report, “Millennial” refers to someone born between 1981 and 1996.
Millennial Shopping Statistics
Millennials spend a smaller portion of their income on consumer products and services than any other generation.
- The average total consumer spending (including housing) among Millennials amounts to $74,782 per year or 83.4% of their income after taxes.
- Millennial retail spending represents 37.1% of their total consumer spending and 30.9% of their income after taxes.
- 85% of Millennials have shopped online in the past 12 months; while 82% have shopped in-store.
- 45% of Millennials carefully budget their finances, a 4.65% higher rate than any other generation.
Millennial vs. Generation Z
While Millennials spend more than Generation Z [b. 1997 or later (aged 18+)], they spend a smaller portion of their income after taxes in most retail categories.
- Millennials’ total consumer expenditures are 55.9% higher compared to Generation Z’s consumer expenditures.
- Millennials’ consumer expenditures amount to a 13.7% smaller portion of their income after taxes than Gen Z’s.
- Millennials spend a 7.62% smaller portion of their income after taxes on general entertainment and a 35.7% smaller portion on vehicle purchases compared to Gen Z consumers.
- The average Millennial spends 15.4% less of their post-tax income on tobacco and 13.5% less on alcoholic beverages.
- Compared to Generation Z, Millennials spend an 82.7% smaller portion of their income on education and a 13.2% larger portion on apparel and services.
- The average Millennial spent 50.4% or $643 more than Generation Z shoppers for the 2023 holiday season.
- Millennials had a gift budget that was 46.1% or $287 more than Generation Z shoppers spent.
- Millennials are 19.0% more likely to prefer online shopping and 19.1% less likely to prefer in-store shopping compared to Gen Z.
- Millennials are 25.8% less likely than Gen Z consumers to have used mobile payment services for in-store purchases.
Millennial vs. Generation X
Generation X consumers outspend Millennials in most retail categories.
- Millennials’ total consumer expenditures are 18.2% lower compared to Generation X’s consumer expenditures.
- Millennials’ consumer expenditures amount to a 0.84% smaller portion of their income after taxes than Gen X’s.
- Millennials spend a 24.2% larger portion of their income after taxes on alcoholic beverages and a 15.6% larger portion on reading compared to Gen X consumers.
- The average Millennial spends 10.6% less of their post-tax income on tobacco and 7.54% less on vehicle purchases than Gen X consumers.
- Compared to Generation X, Millennials spend a 57.2% smaller portion of their income after tax on education, a 2.83% smaller portion on housekeeping supplies, and a 5.49% larger portion on miscellaneous items.
- The average Millennial spent 7.63% or $136 more than Generation X shoppers for the 2023 holiday season.
- Millennials had a gift budget that was 0.55% or $5.00 less than Generation X shoppers spent.
- Millennials are 43.0% more likely to prefer online shopping and 28.4% less likely to prefer in-store shopping than Gen X.
- Millennials are 49.7% less likely than Gen X consumers to have used mobile payment services.
- Millennials are 31.9% more likely to have used mobile payment services for in-store purchases.
Millennials vs. Baby Boomers
While the average Millennial spends more than the average Baby Boomer, they spend a smaller portion of their income on consumer goods and services.
- Millennials’ total consumer expenditures are 12.69% higher compared to Boomers’ expenditures.
- Millennials’ consumer expenditures amount to an 8.12% smaller portion of their income after taxes than Boomers’.
- Millennials spend a 10.0% larger portion of their income after taxes on vehicle purchases and a 31.4% larger portion on apparel and services compared to Baby Boomer consumers.
- The average Millennial spends 34.9% less of their income after taxes on reading than the average Boomer.
- Compared to Boomers, Millennials spend a 26.9% smaller portion of their post-tax income on housekeeping supplies and 15.4% less on entertainment.
- Millennials are 43.0% more likely to prefer online shopping and 36.6% less likely to prefer in-store shopping than Baby Boomers.
- Millennials are 190% more likely than Boomers to have used mobile payment services.
- Millennials are 209% more likely than Boomer consumers to have used mobile payment services for in-store purchases.
- The average Millennial spent 67.1% or $770 more than Baby Boomer shoppers for the 2023 holiday season.
- Millennials had a gift budget that was 31.3% or $217 more than Boomer shoppers spent.
Millennials vs. Silent & Greatest Generations
Because the remaining population is relatively small, the Silent and Greatest Generations (b. 1945 or earlier) have been combined into one category for statistical purposes.
- Millennials’ total consumer expenditures are 43.8% higher compared to expenditures among the Silent/Greatest Generations.
- Millennials’ consumer expenditures amount to a 27.0% smaller portion of their income after taxes than Silent/Greatest.
- Millennials spend a 21.1% larger portion of their income after taxes on tobacco compared to Silent & Greatest Generation consumers.
- The average Millennial spends 40.9% more of their income after taxes on vehicle purchases, 81.1% more on apparel and services, and 22.1% more on alcoholic beverages compared to the Silent/Greatest.
- Compared to the Silent/Greatest, Millennials spend a 45.5% smaller portion on housekeeping supplies and 44.0% less on miscellaneous items.
| Item | Selected Spending | Share of Total Spending |
|---|---|---|
| Housing | $2,186.75 | 35.1% |
| Transportation | $1,094.00 | 17.6% |
| Food at home | $488.92 | 7.85% |
| Healthcare | $346.33 | 5.56% |
| Dining out | $324.83 | 5.21% |
| Entertainment | $292.50 | 4.69% |
| Apparel and services | $201.25 | 3.23% |
| Miscellaneous | $80.75 | 1.30% |
| Education | $76.00 | 1.22% |
| Personal care products and services | $75.67 | 1.21% |
| Alcoholic Beverages | $55.08 | 0.88% |
| Tobacco | $28.42 | 0.46% |
| Reading | $8.58 | 0.14% |
Millennial Online Shopping Statistics
Among online shoppers, Millennials are the generation most likely to use online shopping subscription services.
- 38% of Millennials primarily shop in-store.
- 32% of Millennials primarily shop online.
- 30% of Millennials shop online and in-store in equal measure.
- Millennials are 6.69% less likely than the average consumer to shop in-store.
- Given the option, 38% of Millennials would prefer to shop online instead of in-store.
- Millennials are the generation least likely to prefer online shopping to in-store shopping (by 8.96%).
- 75.6% of Millennials have shopped for groceries online in a 30-day period.
- Millennials are 16.1% more likely than the average American consumer to shop online over 12 months.
- 44% of U.S. Millennials shop online on a daily or weekly basis.
- Millennials are 8.50% more likely than the average American consumer to shop online at least on a weekly basis.
Millennial Social Media Shopping Statistics
Millennial consumers shop on social media more often than older generations.
- 43% of Millennials discovered a new product on social media in the past three months.
- 34% of Millennials discover new products on social media more than any other channel; 34% prefer using social media to learn about products.
- 43% of Millennials have purchased a product directly through a social media platform in the past three months.
- 26% of Millennial consumers have purchased an item based on a social media influencer’s recommendation.
- 24% of Millennials have contacted a brand directly on social media for customer service.
Millennial Brand Loyalty Statistics
The Millennial Generation is the most concerned about a brand or retailer’s sustainability and environmental impact.
- 58% of Millennial shoppers seriously consider the trustworthiness of a brand or retailer when buying.
- 43% of Millennials prefer to buy from local markets while 42% consider a retailer’s sustainability a primary factor when buying.
- 38% of Millennials consider socially/environmentally responsible brands “very important” when shopping.
- The environmental impact of production, diversity and inclusion practices, and the environmental impact of delivery is “very important” to 37% of Millennials, respectively.
- 47% of Millennials believe companies should take a stance on social issues.
- 59% of Millennials have recently purchased a product because a small business was selling it.
- 49% of Millennials have made a recent purchase because of the brand’s commitment to diversity or inclusion.
Most Popular Brands Among Millennials
Apple is the most popular brand among Millenials with 17% citing it as their favorite consumer brand.
- Amazon is the favorite brand of 16% of Millennials and the most popular online retailer.
- Nike is the favorite brand of 13% of Millenials and the most popular clothing brand among this generation.
- Samsung is the most popular electronics brand among Millenials with 6% citing it as their favorite.
Millennial Clothing Shopping Statistics
Millennial consumers spend more on clothing for themselves and their children than other generations.
- The average Millennial male spends 59.9% more money on clothes and shoes than his female counterpart.
- By some measures, Millennial males spend an average of $318.45 on clothing and apparel per month.
- Among female Millennials, the average monthly spending on clothes and shoes totals $199.17.
- Millennials spend an average of $172.50 per month on apparel, 24.6% more than American consumers on average.
- Women’s clothing accounts for $54.58 of a Millennial’s monthly expenditure, 1.71% more than consumers on average.
- Men’s clothing accounts for $27.25 of a Millennial’s monthly spending, 5.76% less than the average consumer’s.
- Footwear accounts for $46.08 of a Millennial’s monthly spending, 38.6% more than consumers on average.
- Clothing for children under 2 years of age accounts for $16.25 of a Millennial’s monthly spending, 164% more than consumers on average.
- Clothing for children 2 to 15 years of age accounts for $28.33 of a Millennial’s monthly spending, 71.7% more than consumers on average.
Millennial Grocery Shopping Statistics
Millennials spend more on groceries or food at home than other generations.
- Millennials spend an average of $112.83 per week on groceries, 2.88% more than the average consumer.
- Millennials spend an average of $5,867 per year or $488.92 per month on food at home.
- Meat, poultry, and fish account for $103.33 of the average Millennial’s monthly grocery budget.
- Millennials spend 10.7% more on poultry and 12.6% more on eggs than the average American consumer.
- Fruits and vegetables account for $96.75 of the average Millennial’s monthly grocery spending.
- Millennials spend 7.67% more on fresh vegetables and 4.43% more on fresh fruits than the average consumer.
- Cereals and bakery products account for $60.58 of the average Millennial’s monthly grocery spending.
- Millennials spend 12.6% more on cereals than the average consumer.
- Dairy products account for $44.42 of the average Millennial’s monthly grocery spending.
- Millennials spend 3.57% more on fresh milk and cream than the average consumer.
- Other grocery products account for $183.92 of the average Millennial’s monthly grocery spending.
- Millennials spend 6.37% more on fats and oils than the average consumer.
Millennial Holiday Shopping Statistics
Millennials spend more on the winter holidays than any other generation.
- Millennials had an average holiday budget of $1,918 in 2023, up 5.21% YoY.
- $910 or 47.4% of the average Millennial holiday budget was for gifts.
- In 2022, Millennials had an average holiday budget of $1,823, up 10.81% YoY.
- Millennial consumers planned to spend $861 on their family over the 2022 holiday season, $28 less than Generation X consumers.
- Among all generations, Millennials spent the most on their friends for the holidays in 2022 ($205).
- Millennial holiday spending on pets ($108 total) was the highest among all generations by 77.0% in 2022.
- Millennials spent the most on themselves ($561 total) by 31.4%.
Millennial Spending Statistics
Most Millennials use credit cards and/or loyalty programs to pay for at least some of their retail purchases.
- 66% of Millennials shop using a brand or retailer credit card.
- 60% shop using a brand or retailer loyalty program.
- 20% of Millennials plan to use Buy Now, Pay Later (BNPL) services for winter holiday purchases in 2022.
- Millennials are 53.8% more likely than the average shopper to use BNPL.
| Item | Change in Spending | Change in Share of Total Spending |
|---|---|---|
| Housing | 9.10% | 0.75% |
| Transportation | 3.51% | -4.41% |
| Food at home | 17.15% | 8.19% |
| Healthcare | 3.23% | -4.76% |
| Dining out | 12.82% | 4.19% |
| Entertainment | 1.53% | -6.23% |
| Apparel and services | 13.11% | 4.46% |
| Education | -9.52% | -16.45% |
| Miscellaneous | 3.75% | -4.19% |
| Personal care products | 18.86% | 7.92% |
| Alcoholic Beverages | 5.09% | -2.95% |
| Tobacco | -9.79% | 16.69% |
| Reading | -3.74% | -11.10% |
Millennial Mobile Shopping Statistics
Younger millennials are more likely to shop via smartphone.
- Among Millennials who use mobile savings apps, 81% use grocery, drug, or mass savings apps.
- 67% of Millennial mobile savings app users use cashback/points apps.
- 66% of Millennials use coupon apps, and 66% use in-store shopping rewards apps.
- 58% of Millennial mobile savings app users use shopping list apps and deal comparison apps, respectively.
Millennial Mobile Wallet Statistics
Millennials are the generation most likely to use mobile wallets.
- 44.1% of Millennials use mobile wallets to pay merchants at point-of-sale (POS).
- Millennials are 78.9% more likely to use mobile wallets to pay merchants at POS than Generation Z (30.6%) and 96.0% more likely to do so than Generation X (28.7%).
- Millennials are 51.5% less likely than Generation Z adults to use mobile payment services.
- Compared to all U.S. adults, Millennials are 90.7% more likely to use mobile payment services.
- 22% of Millennials used mobile payment services online only in a 30-day period.
- Another 22% of Millennials used mobile payments for online and in-store purchases over 30 days.
- 14% of Millennials used mobile payment services in stores only over 30 days.
- 42% of Millennials have not used mobile payment services at all in 30 days.
These data and insights were compiled by the Capital One Shopping team based on publicly available data.
Sources
- Statista, Industry Overview
- U.S. Census Bureau, Population Clock
- U.S. Bureau of Labor Statistics, Consumer Expenditures
- PwC, Holiday Outlook
- Morning Consult, Retail & E-commerce
- PYMTS, Millennials Use Full Range of Mobile Wallet Features
- HubSpot, How Each Generation Shops in 2023