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.

Pie Chart: Millennial Average Annual Retail Expenditures according to the U.S. Bureau of Labor Statistics

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%).
Millennial Monthly Spending Power
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.
Millennial Retail Spending Annual Growth
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.

Grouped Bar Graph: Millennial Annual Retail Expenditures in thousands, including expenditures and expenditures minus housing, transportation, and healthcare, according to the U.S. Bureau of Labor Statistics

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.

Grouped Bar Graph: Millennial Income & Expenditures in thousands, comparing income after taxes to expenditures, from 2016 ($56,600 and $48,600) to 2022 ($89,600 and $74,800) according to the U.S. Bureau of Labor Statistics

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 Holiday Expenditures by Recipient according to PwC

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.

Pie Chart: Millennial Holiday Expenditures by Category including Gifts (46.9%), Travel (34.2%), and Entertainment (18.9%) according to PwC

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.

Grouped Bar Graph: Millennial vs. Gen Z Expenditures according to the U.S. Bureau of Labor Statistics

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.

Grouped Bar Graph: Millennial vs. Gen X Expenditures according to the U.S. Bureau of Labor Statistics

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.

Grouped Bar Graph: Millennial vs. Boomer Expenditures according to the U.S. Bureau of Labor Statistics

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.

Grouped Bar Graph: Millennial vs. Silent & Greatest Generation Expenditures according to the U.S. Bureau of Labor Statistics

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

  1. Statista, Industry Overview
  2. U.S. Census Bureau, Population Clock
  3. U.S. Bureau of Labor Statistics, Consumer Expenditures
  4. PwC, Holiday Outlook
  5. Morning Consult, Retail & E-commerce
  6. PYMTS, Millennials Use Full Range of Mobile Wallet Features