The term “millennial” refers to the generation of people between the ages of 25 and 40. People born between the years 1981 and 1996 are referred to as Generation X. They are also referred to as the Generation Y generation. Furthermore, it is split into two groups, designated as Y.1 and Y.2, respectively.
The Y.1 generation is comprised of individuals who are between the ages of 25 and 29. Generation Y.2 is comprised of men and women who are between the ages of 29 and 39. Millennials account for 73 million of the overall population of the United States.
Millennials, or those between the ages of 25 and 29, account for about 31 million people in the United States. While millennials between the ages of 29 and 39 comprise about 43 million people in the United States.
Millennials are one of many types of individuals, each with its own set of age groupings, such as the Silent Generation (76 to 96 years old), Baby Boomers (57 to 75 years old), Generation X (42 to 56 years old), and Generation Z (42 to 56 years old), among others ( 9 to 24 years).
Millennials are the driving force behind the massive influx of marketing dollars directed at them. According to the source, according to demographic projections from the United States Census Bureau, millennials have overtaken Baby Boomers as the nation’s biggest living adult generation.
As more and more members of the younger generation relocate to the United States for education or employment, the millennial population continues to grow. Millennials are the most desirable customer segment for marketers to target since they account for a large proportion of the population and because they are youthful and enthusiastic.
Although millennials represent a significant potential for the market to soar to new heights, they are also notoriously difficult to please for businesses. Marketers must develop methods for presenting brands to millennials, since this generation is one that is informed, conscious, and connected online.
In an interview with Women Wear Daily, 5WPR founder and CEO Ronn Torossian said that millennials would not only be the biggest spending generation in 2020 but will also be the most heavily affected by the media as well.
Millennials, in terms of their personalities, are in the agr, where they love to express themselves via their style and way of life. Millennials are more educated and more self-sufficient than previous generations.
We’ll take a look at some of the most important facts and statistics on how these millennials spend their money today since they make significant contributions to the state’s economy. Millennials have distinct interests, ranging from their love of coffee to their preference for online shopping. They will be the trend setters in 2021.
Listed below are the most important statistics that describe the shifts in purchasing patterns that this generation of millennials will bring to the consumer market.
KEY MILLENNIAL SPENDING STATISTICS
- Millennials, who are estimated to spend 1.4 trillion in 2020.
- Between Uber and Lyft, millennials are spending upwards of $100 a month on ridesharing services in some cities.
- Each year, millennials spend about $2,242 at the grocery store and $1,672 dining out adding up to around 1,140 hours devoted to food (time spent meal-prepping, cooking, and eating out).
- Millennial shoppers spend more on grocery; this group reported spending a monthly average of $298 on groceries.
- U.S. Millennials were reported to spend 211 minutes accessing apps or the internet via smartphone per day.
- The average 25- to 34-year-old reported spending $2,008 per year at coffee shops
1. Millennials, who are estimated to spend 1.4 trillion in 2020.
It is predicted that Millennials will spend 1.4 trillion dollars in 2020, according to the 5w Public relations. Millennials are the generation that is impulsive and heavily affected by social media, and they conduct the majority of their purchasing online.
Millennials are also known for being impulsive shoppers who purchase goods while on the move. Additionally, millennials favor companies that support a social purpose of some kind.
(5W Public Relations)
2. Between Uber and Lyft, millennials are spending upwards of $100 a month on ridesharing services in some cities.
It has been reported that millennials are spending upwards of $100 a month on ridesharing services in some cities, according to an agreement between Uber and Lyft. Millennials do intend to own their vehicles, although they are not as likely as previous generations to have shown an interest in having a vehicle. This is owing to the fact that ridesharing internet services have made traveling both convenient and cost effective for people. Cars need insurance and other maintenance costs, which discourages millennials from purchasing them.
3. In 2019, millennial consumers in the United States spent an average of 62.73 U.S. dollars per trip on vitamins and supplements.
Statista has determined that Consumption of vitamins and supplements by millennial consumers in the United States in 2019 amounted to an average of 62.73 dollars each trip in 2019. His generation, the millennials, is health aware, and some of them use these supplements in addition to following particular diet regimens.
4. Each year, millennials spend about $2,242 at the grocery store and $1,672 dining out adding up to around 1,140 hours devoted to food (time spent meal-prepping, cooking, and eating out).
According to FoodNavigator USA, millennials spend about $2,242 in the grocery store and $1,672 dining out per year, for a total of approximately 1,140 hours dedicated to food consumption (time spent meal-prepping, cooking, and eating out).
Millennials adhere to a variety of dietary regimens and are open to experimenting with new food fusion recipes. When it comes to socializing and dining out, millennials spend a significant amount of their time doing so, whether at formal meals or with friends.
5. As of January 2019, 12.4 percent of millennial consumers stated that their apparel purchases were influenced by celebrity bloggers.
According to Statista, when they studied the clothing purchases of various age groups, they discovered that as of January 2019, 12.4 percent of millennial customers said that celebrity bloggers had an impact on their clothes purchases.
This must be the case since millennials are the most engaged generation on social media, outpacing all other generations in this regard. They devote the majority of their time to following the lives of their favorite celebrities, bloggers, and social media influencers.
6. Millennial shoppers spend more on grocery; this group reported spending a monthly average of $298 on groceries.
According to the source, Millennial consumers spend more on food than other generations; this group reported spending an average of $298 on groceries on a monthly basis.
Due to the fact that more millennials are health aware and prefer to prepare their own meals at home, this has occurred.
(Retail Space Solution)
7. U.S. Millennials were reported to spend 211 minutes accessing apps or the internet via smartphone per day.
According to Statista, Millennials in the United States spend an average of 211 minutes per day accessing applications or the internet on their smartphones, whereas they spend just 31 minutes per day accessing the internet on a desktop computer or laptop.
8. The average 25- to 34-year-old reported spending $2,008 per year at coffee shops
It was stated by a source that the typical person aged 25 to 34 years old spends about $2,008 per year at coffee shops. The majority of millennials like getting their coffee from coffee shops, which consumes a significant amount of their financial resources. To save money, they can make coffee at home, which will be much less costly than purchasing it from a coffee shop.
(The Simple Dollar)
9. 69% of millennials buy clothes for reasons beyond basic necessity.
According to forbes 69% of millennials buy clothes for reasons beyond basic necessity.
10. Currently, at 47.9%, millennials have the lowest homeownership rates of any other generation.
in accordance with the source Millennials now have the lowest homeownership rates of any previous generation, with 47.9 percent of the population. The proportion of house ownership among millennials is very low when compared to the previous generations. The percentage of homeowners has decreased throughout the course of a generation. At the moment, only the silent generation has the greatest proportion of homeowners.
11. 33 percent of Millennial respondents stated that they had already bought organic hair care products, whereas 32 percent wanted to buy them.
According to a study conducted by Statista, 33 percent of millennials who responded said that they had previously purchased organic hair care products, with another 32 percent stating that they want to do so.
When it comes to personal care items, millennials are more inclined to opt for organic alternatives. This is due to the fact that they are concerned about their health and physical well-being and think that nothing is better than natural and organic goods.
12. With a rent burden of 45%, Millennials pay $92,600 in total rent.
According to the source, Millennials pay a total of $92,600 in total rent from the time they are 22 years old until they are 30 years old, representing a 45 percent rent burden. By the time they reach the age of 30, millennials are paying more rent than previous generations. Because millennials’ income is high, they want a higher standard of life, which is why they wind up paying more in rent.
13. 49% of millennials (ages 23 to 38) say social media influenced them to spend money on experiences.
in accordance with the source Millennials (those between the ages of 23 and 38) believe social media has impacted their decision to spend money on experiences. Nowadays, everyone shares their experiences on social media, whether it’s eating out, visiting locations, or watching movies, among other activities. These common experiences are a source of pride.
14. Millennials spend about $300 a month on alcohol or about $56 per outing.
According to the source, millennials spend about $300 per month on alcoholic beverages, or approximately $56 each trip with friends. The majority of these excursions consist of eating out. When it comes to meals of all kinds, millennials prefer to drink alcohol at every meal.
The majority of millennials are also worried about their financial situation, and they stand to save a significant amount of money if they refrain from consuming alcoholic beverages.
When compared to Generation X and Baby Boomers, Millennials spend much more on alcoholic beverages, spending $151 and $97, respectively.
15. More than 3 in 4 millennials (78%) would choose to spend money on a desirable experience or event over buying something desirable.
According to the source, more than three-quarters of millennials (78 percent) would prefer to spend their money on a desired experience or event rather than on something attractive they could purchase.
Millennials are the generation that like to go out and participate in activities and experiences rather than purchasing a product of any kind. Because of the experiences and live events, they feel more at ease and more connected to the community and people in general.
16. More than nine-in-ten Millennials (93% of those who turn ages 23 to 38 this year) own smartphones.
in accordance with the source Smartphones are owned by more than nine out of 10 Millennials (93 percent of those between the ages of 23 and 38 this year). Even though both the Millennial generation and Generation X possess mobile phones, Millennials are considerably more likely than Generation X to utilize their phones for a wide range of reasons. Millennials are the generation that purchases or already owns a wide range of technological devices. They use their phones for a variety of tasks such as sending emails, talking, taking pictures, and using social media, among others.
(Pew Research Center)
17. Nearly 3 out of 4 millennials (defined here as those ages 25 to 34) have sent some kind of financial aid to family or friends or donated to a nonprofit since the Covid-19 pandemic.
According to the source, almost three out of every four millennials (defined here as those between the ages of 25 and 34) have given financial assistance to relatives or friends or contributed to a charitable organization since the Covid-19 epidemic began.
Despite the fact that they are the generation that has suffered the most financially as a result of the epidemic, millennials have donated the most to charity.
18. Millennials spend $174 billion on health expenses every year, making up 12 percent of all health care expenses nationally.
According to the source, Millennials spend $174 billion on health-related costs every year, accounting for 12 percent of all health-related expenses in the United States overall.
19. Millennial dog owners spend $1,285 per year on their pet. As a group, that accounts for $67 billion annually.
According to the source, millennial dog owners spend an average of $1,285 a year on their animal companionship. As a group, they generate $67 billion in revenue each year. Pets are cherished by Millennials, who consider them to be part of their family. Millennials often refer to their dogs as “fur babies.”
Millennials are prepared to pay an average of almost $2,000 for the treatment of their sick pet if their pet becomes unwell, according to a recent study. An estimated one in every 10 millennials indicated they were willing to spend upwards of $10,000 on a sick pet, according to the source.
20. 46% of millennials surveyed say they aren’t saving enough money and 39% say they expect to be forced to work beyond retirement age.
As reported by the source, 46 percent of millennials polled think they aren’t saving enough money, and 39 percent believe they will be forced to work beyond the age of retirement. Millennials seem to be concerned about their finances, believing that they need to devote more time to budgeting and planning.
21. Today Millennials, those born from 1978-1992, represent only about 32% of spending in the personal luxury market, but by 2025 they are expected to make up 50% of the total market.
According to Forbes, millennials, those born between 1978 and 1992, now account for about 32 percent of expenditure in the personal luxury market, but by 2025, they are projected to account for 50 percent of overall market spending.
This demonstrates the level of interest millennials have in premium companies, as well as their willingness to spend money on luxury products and services.
22. Millennials have spent over $112,000 on fitness over a lifetime as compared to only $98,440 on a public four-year college education.
As reported by the source, throughout the course of their lives, millennials have spent more than $112,000 on fitness, as opposed to just $98,440 on a public four-year college degree. In other words, millennials are more ready to spend their money on their bodies than they are on their educations.
Millennials are more obsessed with having a specific body type and body weight than they are with everything else. When opposed to the generation of millennials, prior generations were less inclined to spend money on fitness and gym memberships.
An additional consideration is that millennials spend a lot of money, therefore they have high expectations of fitness companies and clubs to meet their requirements and fulfill their goals, which is an obstacle for the fitness sector.
23. Fashion-focused Millennial shoppers spent approximately 1,277 U.S. dollars on apparel annually.
As reported by Statista, in 2016, they conducted an online poll of female millennials and discovered that fashion-conscious millennial consumers spent an average of $1,277 in the United States on clothing per year.
When it comes to their clothes, women are more fashion-conscious, and they spend a significant portion of their income on garment buying.
24. 45% of millennials say same-day delivery is important. This underscores this generation’s demand for convenience online.
According to the source, 45 percent of millennials believe that same-day delivery is essential. This demonstrates the need for ease that this generation has for the internet.
Millennials are known for being impulsive consumers, and when they purchase anything online, they anxiously await delivery, which is why they choose same-day delivery services while buying online.
Millennials are the generation with the most purchasing power. They have introduced new trends and altered people’s perceptions of the value of money and the value of purchasing goods.
Millennials are individuals who go out to eat, attend live events, spend more money on clothing, and give their time and money to charitable organizations. They are the ones that are concerned about social problems and believe in the ability of equality and change to bring about positive change.
One thing to keep in mind while looking at millennials is that they are the people of the social media age, and they strive to and are inspired by others via social media. They always do extensive research on the goods before making a purchase on the internet. They always begin their investigation with Google, with Amazon being the most probable online retailer from which they would purchase their goods.
According to the buying and purchasing habits of millennials, the food, dining, travel, and cosmetics sectors would all gain from this generation’s spending.
Q1: Do millennials travel a lot?
Ans: Millennials are the generation who travel a lot. They like to explore places and meet people. On an average millennials spend $5,700 on travel.
Q2: Are millennials the most educated generation?
Ans: Millennials are the 39% who hold bachelor’s degrees or higher education. Millennial men are better at higher education as compared to the previous generation.
Q3: What’s after the millennial generation?
Ans: Generation Z is the generation after millennials. They were born between 1996 to 2012. This generation is expected to be the transformers as they are born in the digital era.