(Oracle) 10. What is a millennial? (Source: Finder) 6. To put it plainly, Millennials are incredibly savvy shoppers. Call now for your FREE consultation: 45 Statistics on Millennial Spending Habits in 2020, student loans, credit cards and other lending sources, Millennials becoming a major part of the US economy. 15% of millennial smartphone owners make online … They consume avocado toast and smoothies. Under 35 year-olds don’t own as many homes. Millennials are all about healthy living. 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. 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. Over 50% of millennials think that they will be a millionaire one day. Millennials may not be the greatest generation in size or spending power, but they are certainly the most influential. Millennial consumer behavior shows that almost all of them spend an average of $71 every month on unplanned or impulsive purchases. 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. Yet overall, millennials spend an average of $478 a month on "nonessential" … When it comes to online commerce, millennials prefer smartphones and tablets. Millennials overall are responsive to advertising if it is relevant. For example, more than a third of millennials have a financial plan, compared to 21% of Generation X’ers and 18% of Baby Boomers. [, 60% of Millennials remain loyal to brands they purchase. [, 63% of Millennials complete transactions on their smartphones. 74% of millennials spend time at work planning their holiday every week. We hear a lot about millennials. [, 41% of Millennial smartphone users have completed an in-store transaction with their mobile device. Is it just because they are strapped for cash? Pinterest and Instagram are tied in second place (59% of millennials found products to purchase on these platforms). 66% of millennials book their trip using a smartphone. They also favor generic store brands over name brands if it means saving money. Millennials are also quite spontaneous and will purchase something instantly, should it grab their attention. Also, Gen Y says that if they had more money, they would spend it on traveling rather than saving. In the US, millennials wield about $1.3 trillion in annual buying power. Like every generation, Millennials are characterized by sharing similar worldviews, habits and traits. [, Millennials are more likely to stay loyal to a brand because of loyalty rewards than any other generation. 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. John C. Heath, Attorney at Law, PC d/b/a Lexington Law, and of counsel attorneys. (The Brookings Institution) (The Economist) (CNBC). Millennials spend an average of $208.77 a day, which is about $44 more than what the average American spends daily. Your email address will not be published. They consume avocado toast and smoothies. 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. (Edelman Digital) 12. How Much Do Millennials Spend on Essentials? But is this enough to describe an entire generation of people born between 1981 and 1996? Marketers listen to them, and retailers give them what they want. 84% of millennials donated to charity in 2014. 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. [, 22% of Millennials have used an app to purchase groceries. 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. Do millennials spend too much money? [, 36% of Millennials are paying off auto loan debt. [, 67% of Millennials believe they have a responsibility to share feedback with a brand about their experience. In fact, from all the age groups surveyed, millennials feel the most insecure about their personal finances. ... Millennial women spend a greater portion of their online time on their smartphones than millennial men (Fluentco, ... Shopping and spending habits. This is more than any other generation, with 57% of Gen X and 40% of Baby boomers spending time on holiday planning at work. Millennials are known for their impulsive spending habits triggered by something that caught their eye. Is it true that millennials have no money? 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. Millennials are expected to accrue more wealth by the year 2020 where they are trended to spend $1.4 trillion. Millennials also cite an importance in giving back to the community and expect the brands they follow will do the same. Gen Y spends an average of $2,831 on healthcare, or 5.4% of total expenditure, millennial spending statistics from 2018 show. 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. With a background in English literature, she prides herself on delivering content that is well-researched and backed up by relevant data. Generational Consumer Shopping Trends and Statistics Gen Z, Millennials, Gen X, Boomers and the Silents. According to millennial spending statistics, they spend more than $600 billion every year. Almost two-thirds of millennials say they're living paycheck to paycheck. Like other industries, millennials seem to be breaking the rules about money and spending. 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