Highlights. Millennial* retail spending totals $1.928 trillion over 12 months.
- The average Millennial’s annual retail spending (including grocery) totals $27,710 or 2.49% more than the average consumer.
- Millennials spend 14.4% more 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 26.7% more likely to shop in-store as opposed to online.
- Millennial retail spending represents 37.1% of their total consumer spending and 30.9% of their income after taxes.
- The average Millennial’s total consumer spending power (including housing) amounts to $74,782 per year or 74.5% of their income after taxes.
*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.
- 38% of Millennials primarily shop in-store.
- 32% of Millennials shop online and in-store in equal measure.
- 30% of Millennials primarily shop online.
- 85% of Millennials shop online in 12 months; 82% shop in-store.
- Millennials are 1.20% less likely than the average consumer to shop in-store.
- Given the option, 34% of Millennials would prefer to shop online instead of in-store.
- Millennials are the only generation to prefer online shopping to in-store shopping (by 2.56%).
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% |
Education | $76.00 | 1.30% |
Miscellaneous | $77.83 | 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.
- 75.6% of Millennials have shopped for groceries online in a 30-day period.
- Millennials are 2.41% 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 4.76% more likely than the average American consumer to shop online at least on a weekly basis.
- 44% of Millennials used mobile payment online at least once in the last month.
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 44.1% more likely to use mobile wallets to pay merchants at POS than Generation Z (30.6%) and 53.7% more likely to do so than Generation X (28.7%).
- Millennials are 21.6% less likely than Generation Z adults [b. 1997 or later (aged 18+)] to use mobile payment services.
- Compared to all U.S. adults, Millennials are 38.1% more likely to use mobile payment services.
- 22% of Millennials have used mobile payment services online only in a 30-day period.
- Another 22% of Millennials have used mobile payments for online and in-store purchases over 30 days.
- 14% of Millennials have used mobile payment services in stores only over 30 days.
- 42% of Millennials have not used mobile payment services at all in 30 days.
Millennial Holiday Shopping Statistics
Millennials spend more on the winter holidays than any other generation.
- Millennials have an average holiday budget of $1,823 for 2022, up 10.8% YoY.
- $855 or 48.5% of the average Millennial holiday budget is for gifts.
- Millennial consumers spend $861 on family over the holiday season, $28 less than Generation X consumers.
- Among all generations, Millennials spend the most on their friends for the holidays ($205).
- Millennial holiday spending on pets ($108 total) is the highest among all generations by 77.0%.
- Millennials spend the most on themselves ($561 total) by 31.4%.
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 environmental impact of delivery is “very important” to 37% of Millennials, respectively.
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.
Millennial & Demographic Shopping Statistics
The average Millennial consumer spends a portion of their income that is less than or equal to spending among all other generations, including the combined Silent and Greatest 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.
Millennial vs. Generation Z
While Millennials spend more than Generation Z, 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 compared to 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 income after taxes on tobacco and 13.5% less on alcoholic beverages.
- Compared to Generation Z, Millennials spend an 82.7% smaller portion of their average budget on education, a 13.2% larger portion on reading, and an 8.54% smaller portion on apparel and services.
- The average Millennial spent 65.1% or $719 more than Generation Z shoppers for the 2022 holiday season.
- Millennials had a gift budget that’s 53.2% or $297 more than Generation Z shoppers plan to spend.
- Millennials are 2.78% more likely to prefer online shopping and 14.3% less likely to prefer in-store shopping compared to Gen Z.
- Millennials are 22.2% 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 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 compared to 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 income after taxes 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 average income after taxes on education, a 2.83% smaller portion on housekeeping supplies, and a 5.49% larger portion on miscellaneous items.
- The average Millennial spent 14.4% or $229 more than Generation X shoppers for the 2022 holiday season.
- Millennials had a gift budget that’s 2.76% or $23.00 more than Generation X shoppers plan to spend.
- Millennials are 48.0% more likely to prefer online shopping and 21.7% less likely to prefer in-store shopping compared to Gen X.
- Millennials are 41.5% more likely than Gen X consumers to have used mobile payment services.
- Millennials are 27.3% more likely to have used mobile payment services for in-store purchases.
Millennial 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 a 8.12% smaller portion of their income after taxes compared to 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 average income after taxes on housekeeping supplies and a 15.4% smaller portion on entertainment.
- Millennials are 48.0% more likely to prefer online shopping and 25.0% less likely to prefer in-store shopping compared to Baby Boomers.
- Millennials are 190% more likely than Boomers to have used mobile payment services.
- Millennials are 180% more likely than Boomer consumers to have used mobile payment services for in-store purchases.
- The average Millennial spent 52.0% or $624 more than Baby Boomer shoppers for the 2022 holiday season.
- Millennials had a gift budget that’s 11.1% or $86.00 more than Boomer shoppers plan to spend.
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 compared to 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 22.8% more on alcoholic beverages compared to the Silent/Greatest.
- Compared to the Silent/Greatest, Millennials spend a 45.5% smaller portion of their average budget on heading and a 44.0% smaller portion on miscellaneous items.
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