Highlights. Millennial* retail spending totals $1.127 trillion over 12 months.
- In the U.S., Millennial consumers account for 28.3% of all retail spending.
- The average Millennial’s annual retail spending (including grocery) totals $31,256 or 6.16% more than the average consumer.
- Millennials spend 18.5% more on retail than Baby Boomers (b. 1946 – 1964) but 17.1% 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 $81,589 per year or 83.4% of their income after taxes.
- Millennial retail spending represents 38.3% of their total consumer spending and 31.9% 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 54.3% higher compared to Generation Z’s consumer expenditures.
- Millennials’ consumer expenditures amount to a 10.1% smaller portion of their income after taxes than Gen Z’s.
- Millennials spend an 8.10% larger portion of their income after taxes on general entertainment and a 16.2% smaller portion on vehicle purchases compared to Gen Z consumers.
- The average Millennial spends 7.54% less of their post-tax income on tobacco and 0.75% more on alcoholic beverages.
- Compared to Generation Z, Millennials spend a 72.1% smaller portion of their income on education and a 15.3% smaller portion on apparel and services.
- The average Millennial spent 26.8% or $470 more than Generation Z shoppers for the 2024 holiday season.
- 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 14.7% lower compared to Generation X’s consumer expenditures.
- Millennials’ consumer expenditures amount to a 0.78% smaller portion of their income after taxes than Gen X’s.
- Millennials spend a 10.4% larger portion of their income after taxes on alcoholic beverages and a 26.5% larger portion on reading compared to Gen X consumers.
- The average Millennial spends 13.6% less of their post-tax income on tobacco and 7.52% less on vehicle purchases than Gen X consumers.
- Compared to Generation X, Millennials spend a 49.8% smaller portion of their income after tax on education, a 4.80% smaller portion on housekeeping supplies, and a 2.96% smaller portion on miscellaneous items.
- The average Millennial spent 52.8% or $768 more than Generation X shoppers for the 2024 holiday season.
- 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 31.87% 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 16.2% higher compared to Boomers’ expenditures.
- Millennials’ consumer expenditures amount to an 11.9% smaller portion of their income after taxes than Boomers’.
- Millennials spend a 5.30% smaller portion of their income after taxes on vehicle purchases and a 9.84% larger portion on apparel and services compared to Baby Boomer consumers.
- The average Millennial spends 35.2% less of their income after taxes on reading than the average Boomer.
- Compared to Boomers, Millennials spend a 35.5% smaller portion of their post-tax income on housekeeping supplies and 16.9% 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 189.7% more likely than Boomers to have used mobile payment services.
- Millennials are 209.3% more likely than Boomer consumers to have used mobile payment services for in-store purchases.
- The average Millennial spent 97.3% or $1,096 more than Baby Boomer shoppers for the 2024 holiday season.
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 65.8% higher compared to expenditures among the Silent/Greatest Generations.
- Millennials’ consumer expenditures amount to a 22.9% smaller portion of their income after taxes than Silent/Greatest.
- Millennials spend a 26.7% larger portion of their income after taxes on tobacco compared to Silent & Greatest Generation consumers.
- The average Millennial spends 81.2% more of their income after taxes on vehicle purchases, 40.7% more on apparel and services, and 2.77% less on alcoholic beverages compared to the Silent/Greatest.
- Compared to the Silent/Greatest, Millennials spend a 48.0% smaller portion on housekeeping supplies and 41.0% less on miscellaneous items.
| Item | Selected Spending | Share of Total Spending |
|---|---|---|
| Housing | $2,340.00 | 34.4% |
| Transportation | $1,167.42 | 17.2% |
| Food at home | $530.83 | 7.81% |
| Dining out | $373.83 | 5.50% |
| Healthcare | $373.83 | 5.50% |
| Entertainment | $321.33 | 4.73% |
| Apparel and services | $202.83 | 2.98% |
| Education | $107.42 | 1.58% |
| Miscellaneous | $97.92 | 1.44% |
| Personal care | $82.17 | 1.21% |
| Alcoholic Beverages | $58.92 | 0.87% |
| Tobacco | $29.08 | 0.43% |
| Reading | $9.33 | 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 $174.08 per month on apparel, 17.9% more than American consumers on average.
- Women’s clothing accounts for $42.83 of a Millennial’s monthly expenditure, 21.5% less than consumers on average.
- Men’s clothing accounts for $39.67 of a Millennial’s monthly spending, 17.2% more than the average consumer’s.
- Footwear accounts for $45.50 of a Millennial’s monthly spending, 23.0% more than consumers on average.
- Clothing for children under 2 years of age accounts for $17.08 of a Millennial’s monthly spending, 144% more than consumers on average.
- Clothing for children 2 to 15 years of age accounts for $29.08 of a Millennial’s monthly spending, 90.7% 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 $122.50 per week on groceries, 5.24% more than the average consumer.
- Millennials spend an average of $6,370 per year or $530.83 per month on food at home.
- Meat, poultry, fish, and eggs account for $98.25 of the average Millennial’s monthly grocery budget.
- Millennials spend 7.48% more on poultry and 11.1% more on eggs than the average American consumer.
- Fruits and vegetables account for $87.83 of the average Millennial’s monthly grocery spending.
- Millennials spend 6.91% more on fresh vegetables and 9.93% more on fresh fruits than the average consumer.
- Cereals and bakery products account for $72.00 of the average Millennial’s monthly grocery spending.
- Millennials spend 16.8% more on cereals than the average consumer.
- Dairy products account for $52.50 of the average Millennial’s monthly grocery spending.
- Millennials spend 7.38% more on fresh milk and cream than the average consumer.
- Other grocery products account for $220.17 of the average Millennial’s monthly grocery spending.
- Millennials spend 10.4% 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 $2,222 in 2024, up 15.8% YoY.
- An estimated $1,048 or 47.2% of the average Millennial holiday budget was for gifts.
- In 2023, Millennials had an average holiday budget of $1,918, up 5.21% YoY.
- Millennials budgeted $1,823 for the 2022 holiday season, including $855 for gifts.
- Millennial consumers planned to spend $861 on their family over the 2022 holiday season.
- 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 | 7.01% | -1.92% |
| Transportation | 6.71% | -2.19% |
| Food at home | 8.57% | -0.48% |
| Dining out | 15.1% | 5.48% |
| Healthcare | 7.94% | -1.07% |
| Entertainment | 9.86% | 0.69% |
| Apparel and services | 0.79% | -7.62% |
| Education | 41.3% | 29.6% |
| Miscellaneous | 21.3% | 11.14% |
| Personal care | 8.59% | -0.47% |
| Alcoholic Beverages | 6.96% | -1.96% |
| Tobacco | 2.35% | -6.19% |
| Reading | 8.74% | -0.33% |
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