Millennials — born between 1981 and 1996 — are now the largest adult population in America and the highest-spending generation. With $2.5 trillion in global purchasing power and an average annual spend of $47,256 per person, they're reshaping retail, dining, and e-commerce.
Whether you're a marketer, retailer, or curious about generational spending habits, these millennial spending statistics reveal what drives the most influential consumer generation.
Key Takeaways
- Millennials spend $47,256 annually per person on average
- They control $2.5 trillion in global purchasing power
- 75% prefer experiences over material things
- 70% prefer online shopping over in-store
- Millennials account for 26.8% of US retail spending
- 55% use Buy Now, Pay Later services
- 18.5 million millennials have student loan debt
How Much Do Millennials Spend Each Year?
1. Millennials spend $47,256 per year on average
On average, millennials spend $47,256 annually per person. This makes them the highest-spending generation at this point in time, outpacing both Gen Z and Baby Boomers.
2. Millennials account for $1.9 trillion in US retail spending
Millennials account for a whopping $1.928 trillion of retail spending annually, representing roughly 26.8% of all U.S. retail spending — more than any other generation.
3. Millennial households shop 683 times per year
Millennial-led households shop 683 times per year, spending an average of $33 per trip. That's nearly two shopping trips every single day.
4. Millennials spend $1,436 per month on bills and expenses
Millennials spend an average of $1,436 per month on household bills and expenses, covering rent, utilities, insurance, and other recurring costs.
Holiday Spending: Millennials had an average holiday budget of $2,222 in 2024 — up 15.8% year-over-year — and spent $1,096 more than Baby Boomers during the holiday season.
What Do Millennials Spend Their Money On?
5. 75% of millennials prefer experiences over things
Three out of four millennials prefer spending money on experiences rather than material possessions. Travel, personal growth, and exciting new challenges take priority over buying stuff.
6. Millennials spend $488.90 per month on groceries
An average millennial spends $488.90 a month on groceries. Groceries are a top spending category at 32%, reflecting a focus on quality food and meal preparation.
| Spending Category | Monthly Spend | Key Insight |
|---|---|---|
| Groceries | $488.90 | 32% of budget priority |
| Apparel/Clothing | $174.08 | 17.9% more than average |
| Dining Out | $250+ | 94% eat out monthly |
| Bills/Expenses | $1,436 | Rent, utilities, insurance |
| Experiences/Travel | Varies | 75% prioritize this |
7. Millennials spend $174.08 per month on clothing
Millennials spend an average of $174.08 per month on apparel — 17.9% more than American consumers on average. Interestingly, millennial men spend 59.9% more on clothes than millennial women.
8. 94% of millennials eat at restaurants at least monthly
Nearly all millennials (94%) go to restaurants at least once a month. They were the first generation to widely adopt food delivery apps, with 51% using services like Uber Eats and DoorDash regularly.
9. Millennials pay 45% of their wages on rent
While Baby Boomers spent around 36% of their wages on rent, millennials spend approximately 45% — a significant increase that impacts their ability to save for other goals.
How Do Millennials Shop Online?
10. 70% of millennials prefer online shopping
70% of millennials now prefer to shop online rather than in-store, driven by mobile habits and values focused on speed, personalization, and social impact.
11. 81.3% of millennials shop online at least once a month
More than 8 in 10 millennials (81.3%) shop online at least once a month. 44% of U.S. millennials shop online on a daily or weekly basis.
12. Mobile shopping app usage grew from 30% to 55%
Mobile shopping app usage among millennials has grown from 30% in 2018 to 55% in 2025, underscoring their mobile-first mindset. Mobile shopping is more popular among women (41%) than men (36%).
13. Millennials are the only generation preferring online over in-store
Millennials are 14.3% more likely than any other generation to do most of their shopping online. They are also the only generation to prefer online shopping to in-store shopping by 5.56%.
Shopping at Work: Half of millennials (50%) report they shop online while at work. Another 50% prefer shopping methods that let them avoid other people, like buy online, pick up in-store.
14. 43% of millennials have bought something on TikTok Shop
More than four in ten (43%) millennials have bought something on TikTok Shop, with younger millennials (ages 29-33) leading at nearly half (49%). TikTok influence has grown from 12% in 2022 to 22% in 2025.
15. 80% never buy without reading reviews first
80% of millennials never buy a product without reading reviews. 45% buy online specifically because they can compare products and prices easily.
What Makes Millennials Buy?
16. Free shipping is the #1 factor (51%)
Free shipping is the most important factor to millennials when online shopping, with just over half (51%) valuing it most — up 8% since 2022.
17. 74% are more loyal to brands with social/environmental causes
74% of millennials are more loyal to brands that support social or environmental causes. 68% prefer companies with transparent pricing and strong ethical standards.
18. Millennials prioritize eco-friendly and cruelty-free products
Millennials often spend money based on their values, buying eco-friendly, vegan, or cruelty-free items instead of whatever's cheapest. They also spend more on personal growth, like fitness classes.
How Much Do Millennials Use Buy Now, Pay Later?
19. 55% of millennials use Buy Now, Pay Later services
In 2025, 55% of millennials are using buy now, pay later services — up from 40% in 2022. Young millennials (29-33) are the most likely to use it at 61%.
20. Those earning $50K-$100K are the biggest BNPL users (70%)
Millennials earning between $50,000 and $100,000 are the biggest BNPL users at 70%. This middle-income group uses BNPL to manage cash flow while making larger purchases.
What Is Millennials' Purchasing Power?
21. Millennials control $2.5 trillion in global purchasing power
The collective annual income of roughly 1.8 billion millennials worldwide is approximately $2.5 trillion. This is expected to exceed $4 trillion by 2030.
22. Millennials hold 22.5% of global spending power
Millennials account for 22.5% of global spending power while representing 22.9% of the population. They have proportional economic influence to their population share.
23. 80 million US millennials have $1.4 trillion in disposable income
There are 80 million U.S. millennials representing approximately $1.4 trillion in disposable income, making them the largest consumer demographic and the biggest share of the workforce.
24. Millennial buying power will pass $10 trillion by 2030
Millennials' buying power is expected to pass $10 trillion by 2030. Globally, millennial spending will overtake Gen X for good in 2033.
Rising Influence: Despite student loan burdens, millennials' collective income continues to rise. They are high earners in many sectors due to their education levels, and their financial influence increases as they advance in careers.
Where Do Millennials Shop?
25. Walmart gets 14% of millennial retail spending
Millennial consumers spend the highest share of their retail dollars (14%) at Walmart. Amazon accounts for 12% of millennial retail spending, and Target accounts for 7%.
| Retailer | % of Millennial Spending |
|---|---|
| Walmart | 14% |
| Amazon | 12% |
| Target | 7% |
| Costco | 5% |
| Other Retailers | 62% |
26. Facebook leads social commerce at 32%
Facebook leads in social media-driven purchases, including Facebook Marketplace, at 32%. TikTok has grown significantly, with 22% of millennials now influenced to shop by the platform.
How Much Debt Do Millennials Have?
27. 18.5 million millennials have student loan debt
18.5 million millennials have outstanding student loan debt — that's 39.9% of all borrowers. Millennials are the generation most burdened by education debt.
28. Average millennial student loan debt is $33,173
Millennials (ages 25 to 34) have an average student loan debt of $33,173. Elder millennials and Gen X hold the highest outstanding student loan debt at $634.2 billion combined.
29. 53% of millennials have delayed major purchases due to student loans
Around half of millennial borrowers (53%) have delayed major financial decisions like buying a home or car due to student loans. 46% have had to cut back on discretionary and essential expenses.
30. 62% of millennials feel stress/anxiety from student debt
Almost six in ten (59%) of all borrowers experience stress or anxiety related to student debt — millennials (62%) and Gen Z (61%) are the most likely to report this.
31. Millennials pay nearly 100% more for homes than Boomers did
Rising housing prices have hit millennials hard — they're paying nearly 100% more on average for their homes compared to what Baby Boomers paid at the same age.
How Do Millennials Budget and Save?
32. 45% of millennials carefully budget their finances
45% of millennials carefully budget their finances — a 4.65% higher rate than any other generation. Three-quarters (75.7%) always make a budget for their monthly expenses.
33. 87.1% of millennials set money aside for emergencies
Despite financial pressures, 87.1% of millennials set money aside for emergencies. This generation learned from watching their parents struggle during the 2008 financial crisis.
34. 22.2% of millennials don't feel financially stable
22.2% of millennials do not feel financially stable, and 21% said they worry about paying household expenses like rent and bills every day.
How Do Millennials Compare to Other Generations?
35. Millennials outspent Gen Z by $470 during 2024 holidays
The average millennial spent 26.8% or $470 more than Gen Z shoppers for the 2024 holiday season. They also spent 97.3% or $1,096 more than Baby Boomers.
| Generation | Annual Spending | Holiday Budget 2024 |
|---|---|---|
| Millennials | $47,256 | $2,222 |
| Gen X | $55,000+ | $2,100 |
| Gen Z | $20,900 | $1,752 |
| Baby Boomers | $42,000 | $1,126 |
36. Gen Z spends 55.9% less than millennials
Total consumer expenditures for Gen Z are far lower, clocking in at 55.9% less than millennials. However, millennials' total consumer expenditures are 14.7% lower compared to Gen X.
37. 12% of millennials own cryptocurrency
12% of millennials own cryptocurrency, making them 20% more likely to own it than the average consumer. Additionally, 21% of millennials own stocks and shares.
Summary: Millennial Spending by the Numbers (2025)
| Metric | Value |
|---|---|
| Average Annual Spending | $47,256 |
| US Retail Spending Share | 26.8% ($1.9 trillion) |
| Global Purchasing Power | $2.5 trillion |
| Purchasing Power by 2030 | $10+ trillion |
| Prefer Experiences Over Things | 75% |
| Prefer Online Shopping | 70% |
| Shop Online Monthly | 81.3% |
| Use Buy Now, Pay Later | 55% |
| Monthly Grocery Spend | $488.90 |
| Monthly Clothing Spend | $174.08 |
| Have Student Loan Debt | 18.5 million |
| Average Student Debt | $33,173 |
| Budget Their Finances | 45% |
| Top Retailer | Walmart (14%) |
Sources
- Capital One Shopping - Millennial Shopping Habits 2025
- Khoros - Top Millennial Spending Habits 2025
- Fortunly - Millennial Spending Statistics 2025
- GWI - Millennial Spending Habits
- Visual Capitalist - Global Spending Power by Generation
- Education Data - Student Loan Debt by Generation
- Millennial Money - Spending Habits & Income Statistics
- Self Financial - Millennial Financial Habits
- Invesp - Millennial Online Shopping Habits
- Bureau of Labor Statistics - Generational Spending
Last updated: December 2025. Statistics are updated as new data becomes available.