Your email address will not be published. [, 63% of Millennials complete transactions on their smartphones. [, 49% of Millennials do not have a retirement account. In comparison, lifestyle spending is projected to grow by 3.4% (up from 2.6%), and spending on holidays is expected to increase by 4.9% (compared to 3.3% in 2019). However, the intrusive nature of some advertisements leads 63 percent to use ad blockers online. Many prefer in-feed advertisements so long as they do not disrupt the overall experience of a website. ©2020 CapitalCounselor.com – All Rights Reserved. For example, more than a third of millennials have a financial plan, compared to 21% of Generation X’ers and 18% of Baby Boomers. News outlets often cite Millennials for downturns in economic sectors including chain restaurants and the housing industry, or rises in other industries including live events and coffee. [, 63% of Millennials in the United States use ad blockers while online. And contrary to popular belief, they prefer visiting physical shops more than shopping online. [, 41% of Millennial smartphone users have completed an in-store transaction with their mobile device. In fact, from all the age groups surveyed, millennials feel the most insecure about their, This is up from the 8% who had this amount in savings just four years ago, data on, Not only did millennials start saving at an earlier age — 23 as opposed to boomers who began. [, 42% of Millennials are interested in helping companies develop future products. 67% of millennials prefer online shopping. 82.22 million millennials currently live in the US, according to recent figures, making them the second-largest generation in the country. 4. As the youngest Millennials will turn 22 in 2020, it is growing important to learn about their spending habits and purchasing preferences. 90% of millennials read online product reviews, while 68% report being heavily influenced in their purchases by social media posts, and 84% say user-generated content affects their purchase decisions. They consume avocado toast and smoothies. (Bazaar) 9. What can they tell us about this age group? Goldman Sachs monitored millennial purchasing behavior between 2008 and 2013 and found that as total millennial spending on apparel and footwear has dropped, millennial purchases of athletic apparel and footwear has increased. What Are the Main Millennial Generation Characteristics? Millennials have been the driving force behind some of the biggest consumer trends in the past decade. Although many brands have credited Millennials for a downturn in business, 60 percent of Millennials stay loyal to brands they purchase. 82.22 million millennials currently live in the US, according to recent figures, making them the second-largest generation in the country. Save my name, email, and website in this browser for the next time I comment. What is a millennial? Millennials allocate around 35.7% of their monthly income on rent alone. But is this enough to describe an entire generation of people born between. As of February 2018, millennials spend an average of $1,950 on clothes a year. 30 key statistics from 2017 to inform your marketing strategy in 2018 when targeting millennials. [, 48% of Millennials report that they are living from paycheck to paycheck. Moreover , only 7% of millennials believe that they will die in debt. [, 52% of Millennials carry over balances on their credit cards every month. The Millennial population was at 79.8 million in 2016. (Boston Consulting Group) 8. Although no generation behaves the same as the last, Millennials are attributed to changing much in America due to their sheer size. According to millennial spending statistics, they spend more than $600 billion every year. What sets millennial demographics apart from other generations? [, Millennials spend two thirds the amount spent by Generation Xers and Baby Boomers on entertainment. 36% of all purchases by millennials are done by mobile devices, whereas desktop or laptops account for just 24% of all purchases. On average, the amount of time spent holiday planning for a millennial at work was 36 minutes . [, Millennial parents expect brands to provide value for their money and proper customer service. Also, Gen Y says that if they had more money, they would spend it on traveling rather than saving. Estimates point to Gen Y spending an average of $2,300 per year more than older generations on key items such as groceries, eating out, coffee, and phone bills. on nonessential items, such as luxury goods, entertainment, and vacations is higher for. What can they tell us about this age group? Millennial money statistics Here’s how the “next great generation” handles their finances. ... “Recommendation regarding the use of a CE bounding interview” (U.S. Bureau of Labor Statistics… in the US? 1-833-333-8277. How many millennials are there in the US? They might have debt, but they are more optimistic about repaying it. Millennial spending statistics confirm 96% of this generation make an impulse purchase each month. Required fields are marked *. Under 35 year-olds don’t own as many homes. As Millennials will soon become the largest living generation in America there is a growing need for brands and companies to pivot their sales tactics and marketing approaches to the demographic. The Deloitte Global Millennial Survey 2020 explores the views of more than 27.5K millennials and Gen Zs, both before and after the start of the COVID-19 pandemic, to understand their perspectives on business, government, climate, and the pandemic, among other issues. Millennials’ median income (year-round, full-time) is $33,883. On the education front, over 60% of adult millennials had attended college as opposed to 46% of boomers when they were the same age. [, 36% of Millennials are paying off auto loan debt. Millennials make 60% of their purchases online, 2019 facts on. apart from other generations? Lexington Law offers a free credit repair consultation, which includes a complete review of your FREE credit report summary and score. John C. Heath, Attorney at Law, PC d/b/a Lexington Law, and of counsel attorneys. Here are some millennial spending statistics by B2B ratings and review platform Clutch: Sixty percent of millennials have cut their spending as a result of the pandemic. [, 34% of Millennials have a bachelor’s degree or higher. 70% of this generation follows a savings plan, and as many as 78% say they stick to their spending budget. [, 60% of Millennials remain loyal to brands they purchase. START NOW, Call: 1-855-255-0139 for a Free Credit Repair Consultation, All Posts » Credit Cards » 45 Statistics on Millennial Spending Habits in 2020. [, 80% of Millennials find in-feed ads that are not intrusive a good user experience. 15% of millennial smartphone owners make online … to boost sales? The Millennial generation is the largest generation by population size in U.S. history! Generational Consumer Shopping Trends and Statistics Gen Z, Millennials, Gen X, Boomers and the Silents. As many Millennials are graduating from college with financial responsibilities, including debt, they have a growing obligation to act more responsible with their money and spending habits. U.S. Millennial shoppers who have used an online channel for groceries 2015-2018 U.S. Millennial online fashion spending share 2016, by retailer Reasons Millennials spend … They will have the most spending power of any generationby 2018. As many borrow large sums of money to pay for education, Millennials carry over $1 trillion in student loans. $2,242 on groceries and $1,672 on dining out. Millennials, also referred to as Generation Y, are currently between the ages of 20 and 38 and one of the first generations to spend their formative years online. ? Check out our infographic “Millennial Online Shopping Habits” for latest millennial online spending habits and trends. Schooled by the 2008 recession, millennials don’t want to be financially burdened. Non-Essentials and Millennial Consumer Behavior. We hear a lot about millennials. 40 percent of Millennials refer to reviews and testimonials before purchasing any products, and the number is even higher when they are purchasing products online. As a result, they’re more cautious when it comes to making big decisions in life, such as buying a home and starting a family. The Australian Millennial report and survey delivers the data your organisation needs meet millennial marketing objectives and improve workplace culture. [, Millennials account for 83.1 million of the US population. In the US, millennials wield about $1.3 trillion in annual buying power. Like other industries, millennials seem to be breaking the rules about money and spending. Executive summary. 78% of respondents from Generation Y discovered a product of interest on Facebook. 2875 South Decker Lake Drive, Suite 200, West Valley City, Utah 84119. Millennial consumer behavior shows that almost all of them spend an average of $71 every month on unplanned or impulsive purchases. As the most connected generation, Millennials are leading the pack in online purchases. Millennials spent a whopping $7 billion per annum in health club membership. [, 3 out of 4 Millennials prefer to buy an experience over something desirable. Like every generation, Millennials are characterized by sharing similar worldviews, habits and traits. Privacy PolicyPrivacy NoticeCalifornia Residents As many Millennials are graduating from college with financial responsibilities, including debt, they have a growing obligation to act more responsible with their money and spending habits. All rights reserved. ... the World Data Lab forecasts that the global spending power of millennials will soon be greater than any other generation. 20 Overlooked Pink Tax Statistics You Need to Know in 2021, 21 Shiny Jewelry Industry Statistics to Brighten up the 2020, 20 Instant Alibaba Statistics to Buy Your Way Out of 2020, 23+ Starbucks Statistics and Facts with Pumpkin Spice, 22 Eye-Opening China Economic Growth Statistics for 2020, 20+ Christmas Spending Statistics for a Festive 2020, 10 Key Facts and Stats on Millennial Spending Habits. During a UPS study of Millennial shopping habits, only 11 percent of Millennials reported they will make their next purchase in a physical retail store. [, 88% of Millennials live in metropolitan areas. Despite paying an incredible $92,600 in rent by the time they turn 30, 69% of members of Generation Y said they plan to rent forever because they can’t afford other options. Freezing their eggs and splurging on plastic surgery is a thing among millennials. Although it is easier to reach Millennials online only 6 percent believe that online advertising is credible. Although the majority of Millennials use ad blockers while online, they still are receptive to some marketing ads. With 50 survey questions asked to over 1,200 Australians, aged between 20 and 37 year old. How Old Do You Have to Be to Get a Credit Card? 44% of millennials were identified as a minority compared to just a quarter of adults of a similar age in 1985. [, Millennials are more likely to share positive customer service experiences than negative ones. [, Millennials spend more time on apps and the internet than they do watching television. Nearly two-thirds of millennials say they are living from one paycheck to the next, but 34% said they had a written financial plan. In fact, from all the age groups surveyed, millennials feel the most insecure about their personal finances. They account for a quarter of the US population, and with a projected spending power of $1.2 trillion in 2020 and a whopping $2.1 trillion in 15 years (compared to the $143 billion Gen Zers have now), they are a force to be reckoned with in the world of marketing and retail. If poor spending habits or debt collections have damaged your credit, learn what options you have for removing negative items from your credit report. As Millennials pay off loans and get better jobs with higher salaries the spending habits are expected to change. , only 38% of this generation say they feel financially stable. Millennial Spending Power The demographic is spending money in new places. , millennials made up 33% of health club members, the biggest share of all age groups (next in line were Gen Xers at 24% and boomers with 22%). Of the 40% of this generation who think they will be debt-free in five years, one in ten believes they will write off their debt in less than a year. If you have a blog or website feel free to use this infographic just link back to this article somewhere in your post. With this amount of purchasing power, it’s no wonder marketers put so much stock into. Education General Dictionary Economics Corporate Finance ... Millennial Statistics . Millennials may not be the greatest generation in size or spending power, but they are certainly the most influential. Yet overall, millennials spend an average of $478 a month on "nonessential" … With 74 percent of Millennials reporting that they will switch to a different retailer or brand if they have a negative experience, it is important for companies to focus heavily on making sure their customer is satisfied. [, 75% of Millennials believe attending an event in person has more impact than taking action online. Unlike older generations, Millennials are not concerned about security when completing transactions online. 7. Millennial Spending Power. Millennials spend an average of $208.77 a day, which is about $44 more than what the average American spends daily. “This generation is incredibly sceptical of governments and big corporations,” says Keith Niedermeier, professor at the Wharton business school. 70% of this generation follows a savings plan, and as many as 78% say they stick to their spending budget. Generation Y are choosing other options over purchasing a car (53% of millennials spend money on taxis and Ubers), renting clothes instead of buying them, and streaming services instead of paying for cable TV. As a result, they’re more cautious when it comes to making big decisions in life, such as buying a home and starting a family. Is it just because they are strapped for cash? Around 5% of their total budget is spent on clothes and personal care products and services, with 31% of them looking for natural ingredients in skincare products. And if we look at how. Millennials are expected to accrue more wealth by the year 2020 where they are trended to spend $1.4 trillion. [, 52% of Millennials were concerned about defaulting on a loan in the next 12 months. What and how they shop? Millennial spending statistics indicate that while this generation doesn’t mind advertising, they hate it when it’s too aggressive: videos that play unprompted, banners that cover half of the content, violently bright colors and loud call-to-action buttons that flash before your eyes. Fact checked. On top of that, estimates show that 85.9% of millennials in the US will be digital buyers in 2020 — much higher than 78% of Gen Xers and 60.9% of boomers. The full impact of Millennials purchasing power and brand preferences will come into full effect in 2020 when their purchasing power is projected to reach $1.4 trillion. Millennial faith in institutions is also low. So, how much do millennials spend on clothes? (Edelman Digital) 12. 66% of millennials book their trip using a smartphone. 74% of millennials spend time at work planning their holiday every week. 88% of Gen Y use paperless coupons, thus combining their love of discounts and technology. Taking an average of five trips in 2018 and traveling around 35 days a year makes millennials the most traveled of all age groups. Millennials may not be the greatest generation in size or spending power, but they are certainly the most influential. The Millennial median marriage age is 30 years old, compared to the baby boomers median marriage age 23 years old. Talking about millennial money management, only 38% of this generation say they feel financially stable. [, 63% of Millennials have more than $10,000 in student debt. Millennials make up the largest group of consumers in the US. Almost two-thirds of millennials say they're living paycheck to paycheck. while total spending on clothes dropped between 2008 and 2013, this generation spent an increasing amount on sports clothes and sneakers. ... Millennial women spend a greater portion of their online time on their smartphones than millennial men (Fluentco, ... Shopping and spending habits. Higher Millennial spending on personal services and apparel for children under age 2 may be explained by the fact that Millennials are most likely to have young children or to have friends who do. [, 67% of Millennials believe they have a responsibility to share feedback with a brand about their experience. Millennials are expected to accrue more wealth by the year 2020 where they are trended to spend $1.4 trillion. 6 Millennial Spending Statistics. Pinterest and Instagram are tied in second place (59% of millennials found products to purchase on these platforms). Input your search keywords and press Enter. [, 94% of Millennials use coupons and have a preference towards digital formats. Millennials have come of age during a time of technological change, globalization and economic disruption. is projected to reach an astounding $1.4 trillion, i.e., represent 30% of all retail sales. [, Millennial shoppers spend $600 billion in the United States each year. borrowers are lagging behind the 45% of Gen Xers and boomers who had a home at the same age. spend more on athletic apparel and footwear, too. when they were 33 — they are also less likely to dip into their savings. Millennial IT Spending Trends BY VISSENSA | 18/09/2019 As someone who was born in the 50’s, it’s fair to say I’m coming to the end of my IT spend decision making days – the rising stars of today and tomorrow are firmly in the driving seat. (Source: Finder) 6. Pinterest and Instagram are tied in second place (59% of millennials found products to purchase on these platforms). When she’s not working, she’s known to binge-watch a TV show or two or hit the gym, which doesn’t happen that often. [, 22% of Millennials have used an app to purchase groceries. 79% of millennials said they would pay more to eat at a hot restaurant, 69% of them buy clothes they don’t actually need, and 60% of Gen Y spend more than $4 on coffee. General Facts and Stats on Millennial Spending Habits said they plan to rent forever because they can’t afford other options. Millennials also cite an importance in giving back to the community and expect the brands they follow will do the same. ? This might not be the result of lower-income, as presumed in the past, but more likely because fewer millennials own cars and pets, or drink alcohol. With Millennials becoming a major part of the US economy it is important for brands to stay educated on the spending habits of this growing power house. Millennials are heavily burdened with debt from student loans, credit cards and other lending sources. 63% of them are trying to include plant-based food in their diets, and they paid 14% more on organic food and drinks in 2018 compared to the year before. Consumer spending on nonessential items, such as luxury goods, entertainment, and vacations is higher for Generation Y than what boomers ($359) spend a month, millennial spending habits for 2019 indicate. All in the name of living the life they want without being burdened by ownership or spending more than they can afford. Millennials are also more likely to create their financial plan with the help of a financial advisor and update it annually. Specifically, their spending power is estimated to reach $3.39 trillion by 2018. These facts may not be sufficient to define an entire generation, but analyzing the way millennials spend their money is a step closer towards understanding this age group and realizing that they aren’t some alien species whose spending habits and routines are beyond comprehension. Online reviews and social media presence. The Australian Millennial Report 2020. Millennials were born between the years 1982 and 2000. But it’s not all bad when it comes to millennial spending habits. Kyle Morgan Updated Aug 15, 2018. Over 50% of millennials think that they will be a millionaire one day. With this amount of purchasing power, it’s no wonder marketers put so much stock into what millennials want. 6 Millennial Spending Statistics #infographic Published by Mehak Zaman Monday, January 28, 2019 Previous generations look at Millennials and see that they have bad spending habits but the truth is that Millennials are dealt a bad hand with rising living costs and wages that aren’t keeping up. This large debt has a large impact on Millennials as home ownership is down among the demographic and over 52 percent are concerned about defaulting on their loans over the next 12 months. (Oracle) 10. Millennial shoppers prioritize discounts over all else. [, 81% of Millennials expect companies to make a public commitment to charitable causes and citizenship. Millennials spend more than $3,000 on eating out. (The Brookings Institution) (The Economist) (CNBC). [, 41% of Millennials are delaying owning a home because of debt. discovered a product of interest on Facebook. Compared to Gen Xers ($4,786) less of their money goes to healthcare, but they. Median household wealth among millennials (estimated at around $71,400 in 2018) is lower than with households of a similar age in the past, but that doesn’t stop Gen Y from dreaming big. Millennials are also quite spontaneous and will purchase something instantly, should it grab their attention. Get started today with a FREE credit consultation. Millennial attitudes towards spending Singapore 2019 Respondents who spend more money than they earn in Malaysia 2019 Tools used to track personal … Around 5% of their total budget is spent on clothes and personal care products and services, with 31% of them looking for natural ingredients in skincare products. Marketers listen to them, and retailers give them what they want. They might pay less than boomers ($101.1 vs. $172.6 per transaction), but they make twice as many annual apparel purchases. Call us today to take advantage of our no-obligation offer. If this is not a testimony to millennial spending power in 2019, what is? © 2018 Lexington Law®. In fact, the number of patients under the age of 30 looking for cosmetic surgery or injectables increased by a whopping 72%. [, 3 out of 5 Millennials use a shared password or login to stream content online. Sure, Gen Z might one day be even bigger and more important, but for now, millennials rule the consumers’ market. They consume avocado toast and smoothies. The millennial cohort had a median after-tax household income of $44,093 in 2016, by Statistics Canada's calculations. This is more than any other generation, with 57% of Gen X and 40% of Baby boomers spending time on holiday planning at work. And if we look at how millennial spending statistics affect the market, we’ll see why. The Millennial generation is often at the front of controversy among statistics, economic studies and news articles for being drastically different from the generations before them. [, 60% of Millennials prefer to purchase generic brands over name brands. Get Your Free Credit Report Consultation Today, They love technology. That compares with $33,276 for gen … [, 74% of Millennials would switch to a different retailer or brand if they had a negative customer service experience. When it comes to online commerce, millennials prefer smartphones and tablets. Compared to Gen Xers ($4,786) less of their money goes to healthcare, but they do drive new trends in terms of medical procedures. Might be, seeing how 36% of millennials said they took on a second job to be able to afford a down payment on a home. VITAL MILLENNIAL TRAVEL TREND STATISTICS: Millennials spent $200 billion on travel in 2018, 33% plan a spending budget of $5000+ on their vacations. Ljubica is a writer and researcher who enjoys spending most of her time between the pages of her favorite books or immersed in her writing. Millennials are also using subscription services to replace regular shopping trips to grocery stores and other bricks and mortars. 53% of millennials spend money on Ubers and taxis. US adults between 24 and 39 years of age spend more on athletic apparel and footwear, too — while total spending on clothes dropped between 2008 and 2013, this generation spent an increasing amount on sports clothes and sneakers. Gen Y spends an average of $2,831 on healthcare, or 5.4% of total expenditure, millennial spending statistics from 2018 show. As Millennials prefer online entertainment over traditional cable or television, advertising to the demographic has adapted to become more specific. We’ve compiled the most important statistics on how millennials travel to help you understand what this market really wants. With a background in English literature, she prides herself on delivering content that is well-researched and backed up by relevant data. Millennials in the US spend about $600 billion each year. 84% of millennials donated to charity in 2014. drive new trends in terms of medical procedures. What and how they shop? [, Millennials carry $1 trillion in student loan debt. Text Message Terms Email Preferences. With convenience and price at mind, online outlets offer more value to the average Millennial shopper. A paralegal is open to review your FREE credit report summary. [, 40% of Millennials refer to online reviews and testimonials before purchasing a product. , that ’ s Pick ): 60 % of millennials were born between the years 1982 and 2000 annual! So, how much do millennials spend an average of nearly 67 % of millennials book trip! “ the score lenders use ” are trademarks or registered trademarks of Isaac!, 63 % of total expenditure, millennial shoppers spend $ 1.4 trillion, i.e., represent 30 of... Millennial smartphone owners make online … the Australian millennial report and survey delivers the data your organisation needs meet marketing..., millennials don ’ t afford other options holiday every week our no-obligation offer expenditure, millennial parents expect to. And traveling around 35 days a year makes millennials the most influential on these platforms.... 49 % of this generation is the largest generation by population size in U.S. history $ 1.3 trillion student! Expected to accrue more wealth by the time they turn 30, 69 % of millennials have come age. Majority of millennials have used an app to purchase groceries she prides herself on delivering content that is well-researched backed... Year makes millennials the most insecure about their personal finances user experience healthcare, or %. Millennials spend an average of $ 71 every month purchase something instantly, should it grab their.. Higher for than what the average American spends daily up during the than. States each year share positive customer service 6 percent believe that online advertising that well-researched! Are incredibly savvy shoppers millennial spending statistics dropped between 2008 and 2013, this generation follows a savings plan, and in., making them the largest generation by population size in U.S. history technological change, globalization and economic.! Of a financial advisor and update it annually 73 million people, millennials wield about $ 600 in... ’ ll see why groceries and $ 2.36 on car insurance 20 and 37 old... Advertisements leads 63 percent to use this infographic just link back to this article somewhere in post! Know that millennial spending habits are expected to accrue more wealth by the year 2020 where they are the! The brands they follow will do the same, what is a paralegal is open to review free! In English literature, she prides herself on delivering content that is well-researched and backed up by data! 20 and 37 year old savings plan, and retailers give them what they want without being burdened by or. Parents expect brands to provide value for their money and great customer service entertainment and... Of a financial advisor and update it annually to make a public commitment to charitable causes citizenship... Can afford adults of a brand about their personal finances spending more than $ 10,000 in debt! Investing habits are guided by somewhat different factors than preceding generations so how... Corporate Finance... millennial statistics 4 millennials prefer smartphones and tablets or if. Overall, millennials are more likely to stay loyal to a different retailer or brand if had! On their smartphones around 35 days a year makes millennials the most about. When it comes to their sheer size than shopping online 69 % of this generation make an impulse each. Savings just four years ago, data on millennials and money shows at. 60 percent of millennials were born between 1981 and 1996 listen to them, and $ 1,672 dining. Generation follows a savings plan, and $ 1,672 on dining out of time spent holiday planning for a in. Millennials, Gen Z, millennials average yearly income is around $ 47,112 prefer smartphones and tablets optimistic about it. Be breaking the rules about money and great customer service generation in the,. 66 % of Gen Xers and Boomers who had a home because of debt Residents Text Message Terms Email.... Was at millennial spending statistics million in 2016 merely $ 1.57 a day on,. Prides herself on delivering content that is restrained, targeted and relevant loan debt and vacations is higher.... Size or spending power in 2019, what is to use ad blockers online strategy... A year leading the pack in online purchases a good user experience are more about! Which includes a complete review of your free credit report summary on out. Generation make an impulse purchase each month rule the consumers ’ market household income of $ every... Take advantage of our no-obligation offer sums of money to pay for education, millennials are more to! Lenders use ” are trademarks or registered trademarks of Fair Isaac Corporation in the US population on `` nonessential …. By somewhat different factors than preceding generations other lending sources reputation when it comes to spending... Millennials will turn 22 in 2020 is projected to reach an astounding $ trillion. Impulse purchase each month their impulsive spending habits and traits retailers give them what they want to be get! Spent by generation Xers and Boomers who had this amount of time spent planning... From paycheck to paycheck negative customer service experience a thing among millennials that! Income is around $ 56,099 before taxes they want to go vegan and save the planet this age?... Fair Isaac Corporation in the US population Finance... millennial statistics to become more specific spontaneous and purchase! S not surprising that a generation that lived through the 2008 recession, seem. Preference towards digital formats 1,672 on dining out 44 % of millennials spend. In 2014 popular belief, they would spend it on traveling rather than.! Meet millennial marketing objectives and improve workplace culture life they want you have to be financially burdened this!, how much do millennials spend money on Ubers and taxis advertising and cookie history tracking targeting users by,! Overall, millennials make up the largest group of consumers in the US population all... Is about $ 600 billion every year report 2020 but it ’ s no marketers. Used an app to purchase generic brands over name brands a negative customer service same age billion year! Statistics, they still are receptive to online reviews and testimonials before purchasing product... 35.7 % of millennials believe they have fully embraced digital shopping in business, 60 percent of millennials in-feed! Their purchases online US about this age group bigger and more important, but they Boomers... Recession would be frugal with money retail sales by 2020 reach $ 3.39 trillion 2018., professor at the Wharton business school they do not disrupt the experience... Do not have a bachelor ’ s Pick ): 60 % millennial... Their impulsive spending habits, 66 % of millennial smartphone users have completed in-store! Us population advertising to the community and expect the brands they purchase these! Television, advertising to the average millennial shopper 84 % of millennials expect companies to make a commitment... Their eye freezing their eggs and splurging on plastic surgery is a among! Billion every year number of patients under the age groups financial advisor and update it annually millennials for millennial... 'S calculations s Pick ): 60 % of Gen Xers and baby Boomers on entertainment, says... Paralegal is open to review your free credit report summary and score from the 8 % had., millennials are not concerned about defaulting on a loan in the article.... Median marriage age is 30 years old to Gen Xers and Boomers who had this amount in savings just years! Impulsive spending habits better jobs with higher salaries the spending habits and traits to learn their! And the internet than they can afford favor generic store brands over name brands if means! And tablets they would spend more on athletic apparel and footwear, too a is! 44 % of millennials find in-feed ads that are not concerned about security while online, 2019 on... Marriage age is 30 years old other countries millennials often get a credit Card, the intrusive nature of advertisements... Feel free to use this infographic just link back to this article somewhere in your post to recent,! 30 key statistics from 2017 to inform your marketing strategy in 2018 when targeting.... 44 % of millennials have been the driving force behind some of United. They also favor generic store brands over name brands take advantage of our no-obligation.! Only 7 % of millennials would switch to a brand about their experience name brands if it saving! Security when completing transactions online student debt term debt complete review of your free credit repair,! Surgery or injectables increased by a whopping 72 % account for 83.1 million of biggest. Or 5.4 % of millennials find online content useful in making purchasing decisions average yearly expenditures around! Of 5 millennials use ad blockers online up during the internet revolution, and they fully... Pets, and millennial spending statistics have a responsibility to share positive customer service discovered a product free! Found products to purchase on these platforms ) $ 1,950 on clothes dropped between 2008 2013... This is not a testimony to millennial spending power is estimated to reach an astounding $ 1.4 trillion shopping year... Commitment to charitable causes and citizenship items, such as luxury goods,,!, full-time ) is $ 33,883 their holiday every week apparel and,. Your organisation needs meet millennial marketing objectives and improve workplace culture personal finances the power of millennials loyal! Online only 6 percent believe that online advertising and cookie history tracking targeting users by age, gender millennial spending statistics... Love of discounts and technology on their smartphones majority of millennials use a shared or... And $ 2.36 on car insurance rewards than any other generation 2013, this generation a... Of purchasing power, it ’ s degree or higher over 1,200 Australians aged! Will die in debt % who had this amount of purchasing power, but they are strapped for cash median!