Millennial Money: 150+ Statistics for 2023

Millennials were born between 1981 and 1996 and are often accused of being avocado toast-loving, selfie-taking, and lazy. But we can’t deny that they are the largest living generation, with some impressive stats to back it up.

Did you know that in 2020, millennials were projected to make up 50% of the global workforce?⁹

The Guardian

You should start buttering up your millennial coworkers for those team projects! You can do this by discovering the latest millennial statistics to understand this generation better and know how to approach them.

Here’s what we’ll cover in this guide:

Interesting Millennial Statistics
Millennial Workplace Statistics
Millennial Influencer Marketing Statistics
Millennial Marketing Statistics
Millennial Consumer Behavior Statistics
Millennial Spending Statistics
Millennial Shopping Preference Statistics
Millennial Social Media Statistics
Millennial Digital Usage Statistics
Millennial Technology Statistics
Millennial Political View Statistics
Wrapping It Up

Interesting Millennial Statistics

Welcome to the world of Millennials, the generation that’s reshaping the way we live, work, and interact with the world. Millennials have emerged as a powerful force in today’s society, and their impact is nothing short of fascinating. With their unique experiences, values, and preferences, Millennials are redefining industries, challenging traditional norms, and driving significant changes in our digital age.

• The buying power of millennials around the world is $1.4 trillion.¹
• Millennials make up half of the world’s working population.¹
• Every fourth millennial worked when they were in high school.¹
• 15% of millennials currently live with their parents.¹
• 52% of the Millennial generation went to college, which is more than any other generation.¹
• By 2025, millennials will have more than 10% more money to spend, and by 2030, that amount could reach $4 trillion.³
• 71% of them shop online with their phones.³
• More than 81% of Millennials think companies should give money to good causes.³
• 95.1% of Millennials buy things on the spur of the moment but mostly buy food, cars, and clothes.³
• By 2025, people in their 20s and 30s will make up 75% of the global workforce, according to estimates.⁵
• Most Gen Yers prioritize money, security, and time off when looking for a job.⁵
• 60% would leave a job if it went against their beliefs.⁵

Millennials are the world’s largest and most diverse generation, with a unique set of attitudes, beliefs, and behaviors that make them a key demographic for businesses to understand. With a global buying power of $1.4 trillion, it’s clear that this generation’s impact on the economy is significant.

They prioritize values like social responsibility and are likelier to follow brands that give back to the community. In terms of employment, Gen Yers prioritize money, security, and time off, but they are also more likely to leave a job if it goes against their values. With these insights, businesses can better understand how to engage with and market to this influential demographic.

Millennial Workplace Statistics

This is where innovation meets collaboration, and work-life balance is paramount. Millennials have ushered in a transformative era in the world of work. In this era, cubicles have given way to open floor plans, 9-to-5 schedules have evolved into flexible arrangements, and hierarchies are being replaced by flat organizational structures.

• Nearly half of all millennials have purchased based on a brand recommendation on social media.⁴
• 72% of millennials want loyalty programs from their favorite brands.⁴
• 31% of millennials require a minimum 3-star rating to feel safe buying from a brand.⁴
• 79% of millennials believe advertising is important for brands.⁴
• 60% of young people have been loyal to the same brand for at least ten years.⁵
• 57% of young women buy based on a brand’s value and popularity.⁵
• 66% of millennials have full-time jobs, making up 35% of the US workforce.⁵
• By 2025, 75% of the global workforce will be millennials.⁵
• 26% of millennials work multiple jobs.⁵
• 66% of millennials have full-time jobs, making up 35% of the US workforce.
• 30% of millennials work full-time jobs.
• 28% of millennials want to work for the same firm for over 5 years.
• 21% of people in their 20s and 30s have changed jobs in the past year.⁵
• 28% of millennials want to work for the same firm for over 5 years.⁵
• Every year, millennial job turnover costs the US economy $30.5 billion.⁵
• 43% of workers in their 20s and 30s want to retire before turning 65.⁵
• Only 30% of millennials work full-time jobs.⁵
• Gen Y workers are only interested in their jobs if they find them interesting.⁶
• On average, millennials work at one job for two years and nine months.⁶

The millennial generation is quickly becoming a dominant force in the market. With their growing purchasing power, it’s no wonder that businesses are keen to attract this demographic.

A significant percentage of millennials are influenced by social media recommendations, which presents a golden opportunity for brands to engage with their target audience through this platform. In addition, loyalty programs are an effective tool for engaging millennials, as most of them desire these programs from their favorite brands. Businesses can learn how to improve brand management and which examples to follow.

Regarding job satisfaction, millennials value interesting and meaningful work over stability. With 26% working multiple jobs and 21% changing jobs yearly, companies must focus on creating an environment that fosters engagement and loyalty. However, millennial job turnover can be costly, with the US economy losing $30.5 billion yearly due to this trend.

Millennial Influencer Marketing Statistics

The dynamic world of Millennial influencer marketing – where the power of social media and authenticity collide to create a potent force in the marketing landscape. Millennials are not just consumers; they are also influential content creators and tastemakers in their own right.

• A millennial is 247% more likely to be influenced by social media than the average baby boomer.⁶
• 1 in 5 millennials will unfollow a brand if its marketing is too pushy or annoying.⁶
• 44% of millennials trust social media experts even if they don’t know them, making influencer marketing an important brand strategy.⁶
• 40% of Gen Z and Gen Y users say that an influencer is closer to them than a real-world friend, which is not true for older generations.⁶

These days, social media is an integral part of our lives, and it’s no surprise that it affects our purchasing decisions. The millennial generation is 247% more likely to be influenced by social media than the average baby boomer, which is a staggering difference. Brands must invest in social media marketing tips to effectively reach this demographic.

However, it’s not enough to push out ads on social media platforms. According to recent studies, 1 in 5 millennials will unfollow a brand if its marketing is too pushy or annoying. So, marketers must be careful with their approach and aim to build relationships with their audience rather than sell their products.

Another strategy that brands are using to reach millennials is influencer marketing. 44% of millennials trust social media experts, even if they don’t know them personally, making influencer marketing an important brand strategy. This is especially true for Gen Z and Gen Y users, where 40% of them say that an influencer is closer to them than a real-world friend, which is not true for older generations.

This means that influencers can be an effective way for brands to reach and engage with younger audiences. As the younger generations continue to dominate the workforce and the consumer market, brands that can effectively leverage social media and influencer marketing will have a competitive advantage.

Millennial Marketing Statistics

Millennials, often referred to as the ‘digital natives,’ have grown up in a rapidly changing technological landscape. They are not just a demographic; they represent a seismic shift in consumer behavior and expectations. From digital-first approaches to a focus on values and experiences, the world of marketing is evolving to cater to the unique preferences and characteristics of Millennials.

• 72.26 million people in their 20s and 30s live and work in the US.²
• Millennials in the US spend $600 billion each year.²
• 40% of millennials look at reviews online before they buy something.²
• More than half of millennials look up information about area businesses online.²
• 72% of millennials want their favorite brands to have loyalty schemes.⁴
• 84% of millennials say that user-created material interests them most.⁶
• 67% of Millennial buyers choose to buy things online.⁹
• 40% of millennials look at reviews online before they buy something.²
• 80% of millennials want to buy more from small, local companies.¹⁰
• 57% of female millennial customers decide whether or not to buy a product based on the values and stance of the brand.⁴
• Nearly half of millennials have bought something because their brand said it was good.⁴
• 93% of millennials own a smartphone.⁶
• 84% of millennials say that user-created material interests them most.⁶
• 70% of those who answered said personalized ads are the best way to market to millennials.¹
• 84% of people from Generation Y don’t believe in standard advertising.¹
• Two out of three millennials say that special emails are a good way to market because they affect what they buy.⁹
• 67% of Millennial buyers choose to buy things online.⁹
• Millennials in the US spend more than they save.⁹
• Most Millennials believe that online reviews are more reliable than what a salesperson says.⁹
• 80% of millennials want to buy more from small, local companies.¹⁰
• 73% of millennials shop online with their phones.¹⁰

• 67% of Millennial buyers choose to buy things online.⁹
• Millennials in the US spend more than they save.⁹
• Most Millennials believe that online reviews are more reliable than what a salesperson says.⁹
• 80% of millennials want to buy more from small, local companies.¹⁰
• 73% of millennials shop online with their phones.¹⁰

33% of people in their 20s and 30s use ad blockers.¹

Statista

• On average, a millennial will pay attention to something for about 12 seconds.¹
• 38% of millennials prefer companies whose products or services benefit the world.¹
• More than half of millennials find goods through search engines.¹⁰
• Almost half of the young online shoppers prefer to order online and pick up in-store because of free delivery, coupons, reviews from other customers, an easy way to return items, and a quick way to check out.¹⁰
• 73% of millennials think that the internet is a good thing.¹⁰

These days, social media is an integral part of our lives, and it’s no surprise that it affects our purchasing decisions. The millennial generation is 247% more likely to be influenced by social media than the average baby boomer, which is a staggering difference. Brands need to invest in social media marketing to reach this demographic effectively.

However, it’s not enough to push out social media ads. According to recent studies, 1 in 5 millennials will unfollow a brand if its marketing is too pushy or annoying. So, marketers must be careful with their approach and aim to build relationships with their audience rather than sell their products.

Another strategy that brands are using to reach millennials is influencer marketing. Therefore brands need to know the latest influencer marketing statistics to stay ahead of their competitors.

This is especially true for Gen Z and Gen Y users, where 40% of them say that an influencer is closer to them than a real-world friend, which is not true for older generations. This means that influencers can be an effective way for brands to reach and engage with younger audiences.

Millennial Consumer Behavior Statistics

With their unique preferences and values, they’re setting trends, demanding sustainability, and prioritizing experiences over possessions. Get ready to unravel the numbers that paint a vivid picture of how Millennials are rewriting the rules of consumption.

• 31% of millennials say that a brand’s 3-star rating is the bare minimum they need to feel safe buying from it.¹
• Almost half of all millennials have bought something because their favorite brand recommended it on social media at least once.¹
• 79% of millennials think that advertising is important for all brands.¹
• 60% of young people say they have been loyal to the same brand for at least ten years.⁵
• 57% of young women decide to buy something based on the brand’s value and popularity.⁵

Important Aspects to Note

• More than 35% of millennials would travel for more than $5,000.⁵
• More than half of millennials look up information about area businesses online.⁵
• 72% of millennials want their favorite brands to have loyalty programs.⁵
• Half of Generation Y and Generation Z customers said they had to cut back on spending to prepare for the pandemic.⁶
• 36% of buyers from Generation Y say that Covid-19 news changes how they plan their budgets.⁶

On the impact of COVID-19:

• 39% of respondents in a recent marketing study said that the spread of the virus had changed how they shopped.⁶
• 33% of Millennials have made more online purchases after Covid-19, according to data on how much they spend.⁶
• After Covid-19, 62.5% of millennials started watching more videos on streaming sites and social media.⁷
• 33% of Millennials have made more online purchases after Covid-19, according to data on how much they spend.⁶

These stats show that millennials are a generation that values social media and online presence. Nearly half of them have purchased based on a brand recommendation on social media at least once, and they are more likely to be influenced by it than baby boomers.

Millennials also care about safety and trust, with 31% saying that a brand’s 3-star rating is the minimum they need to feel safe buying from it. Advertising is still important for brands, according to 79% of millennials, but they are also loyal customers, with 60% having been loyal to the same brand for at least ten years.

However, the pandemic has significantly impacted millennial spending habits, with many having to cut back on spending to prepare for the pandemic.

They also pay close attention to news related to the pandemic, with 36% saying that it affects how they plan their budgets.

Brands should remember that loyalty schemes and influencer marketing are important strategies for millennials, as well as ensuring their safety and trust through ratings and reviews. As the pandemic continues to affect spending habits, brands must also adapt to their millennial customers’ changing needs and priorities.

Millennial Spending Statistics

Millennial spending habits are a subject of great interest due to the generation’s size and impact on various industries.

• By the time they are 30, Millennials will have paid an average of nearly $93,000 in rent.¹
• Millennials spend an average of $164 a month on fun.¹
• 41% of Millennials spend more on coffee than saving for retirement.¹
• About half of Millennials order takeout two or three times a week.¹
• About 54% of Millennial buying happens online.¹
• 42% of Millennials use their phones to shop online.¹
• 52% of Millennials would rather shop at stores that share their beliefs than those that don’t.¹
• Millennials pay an average of $47,112 per year.¹
• Millennials have an average of $100,906 in debt.¹
• Of Millennials who don’t own a home, 60% say that student loan debt is making it harder for them to buy.¹¹
• 60% of Millennials would rather save money by buying generic brands.¹¹
• 37% of Millennials are ready to pay more for a product or service that helps a cause they care about.¹¹
• Millennials and Generation Z are responsible for 40% of all luxury spending and 100% of luxury growth worldwide.¹¹
• Millennials make up 21% of shopper spending on things they don’t have to buy.¹¹
• Millennials spend less than other groups on things they don’t have to.¹¹
• 83% of Millennials say that a brand’s environmental practices affect their choice to buy from them.¹¹
• On social media, 25% of Millennials expect an answer within 10 minutes, and 30% expect a response the same day via text.¹¹
• Millennial men who work from home have spent more money on internet shopping than Millennial women.¹¹
• 29% of Millennials buy products from companies they saw on social media.
• With 72.26 million people, Millennials are now the largest living group.¹⁰
• The average Millennial head of a family aged 40 earns $73,000 per year.¹⁰
• Even though Millennials are smarter than Boomers, they earn 20% less than Boomers did.¹⁰
• Half of all Millennials have a second job.¹⁰
• Millennials earn almost $11,000 a year from side jobs.¹⁰
• One in five Millennials has more than one side job.¹⁰
• 29% of Millennials’ side jobs are in the personal services sector.¹⁰
• 50% of Millennials search for local businesses online.¹²
• 60% of Millennials are loyal to brands after a positive experience.¹²
• There are 72 million people in their 20s and 30s in the US.¹²
• 36% increase in North American Millennials buying stocks in one year.¹²
• 86% of Millennials overspend on holiday gifts.¹²
• The largest age group of homebuyers is in their 20s.¹²

These statistics shed light on Millennials’ spending habits and attitudes toward brands, finances, and lifestyle choices.

Firstly, it’s worth noting that Millennials are a generation burdened by debt, with the average Millennial having over $100,000. This can make it hard for them to make big purchases like a home, and 60% of Millennials without homes say that their student loan debt makes it harder to buy a house.

Marketers should remember that Millennials value experiences, convenience, and social media presence when targeting this demographic. Brands that align with their values and offer personalized experiences are more likely to earn loyalty.

Sure, millennials enjoy some of life’s little pleasures. In the 2015-16 financial year, 25 to 34-year-olds were spending $100 a week on eating out and $33 on alcohol. Yet they are hardly the only ones that can be accused of such excesses. People born in the 1960s were spending $138 on the same two things..

Of course, that was before the great reset. Economic hardship has a habit of changing spending patterns. Australians added more than $100 billion to their bank accounts between June 2020 and June 2021, as the savings ratio skyrocketed to 22%.

Jessica Mizrahi, Economic Consultant & Commentator @ The Guardian
Source: The Guardian

Despite this financial pressure, Millennials still prioritize experiences and are willing to spend money on fun, with an average of $164 spent on monthly entertainment. Additionally, Millennials tend to spend more on takeout and coffee than on retirement savings, with 41% spending more on coffee than on retirement savings. This indicates that they value experiences and convenience over long-term financial planning.

Millennial Shopping Preference Statistics

Step into the world of Millennial shopping preferences, where the landscape of retail is being reshaped by a generation born between 1981 and 1996. Millennials are not just consumers; they are trendsetters and influencers who are redefining the way we shop.

• 38% of all renters in the United States are millennials.⁶
• Millennials need an average of $281 per month to buy food.⁶
• 39% of customers from Generation Y use mobile payments when they shop online.⁶
• 55% of buyers in Generation Y care more about how good something is than how cheap it is.⁶
• 67% of millennials prefer to buy things online than in a store.⁶
• 81.3% of millennials shop online at least once a month.⁷
• 83% of millennials don’t worry about safety when they shop online.⁹
• 40% of millennials have used voice search before making an online purchase.⁹
• More than 53% of millennials prefer to look for information online than talk to someone in a store.¹⁰
• 79% of millennials bought something from Amazon.com in the last month.¹⁰
• 61% of millennials find it easier to talk to a store through digital platforms like texting, online chat, or messaging apps than by going to the store in person.¹⁰

As Gen Z and millennial shoppers' influence and purchasing power grow, reaching them effectively will only become more crucial.

Get our new report with @Drapers for fashion business leaders to get new insights into the generations' shopping habits: https://t.co/pir1xuJ8Q0 pic.twitter.com/t36vchvC66

— BigCommerce (@BigCommerce) September 26, 2023

These statistics paint a clear picture of how the millennial generation is shaping the world of shopping and consumer behavior. With 38% of all renters in the US being millennials, it’s clear that this generation is a significant force in the rental market.

Additionally, millennials need an average of $281 per month to buy food, showcasing affordability’s importance in their purchasing decisions.

When it comes to online shopping, millennials are leading the way. A staggering 81.3% of millennials shop online at least once a month, with 67% prefer buying things online rather than in a store. This preference for online shopping is likely due to the convenience of being able to shop from anywhere and the ability to compare prices and goods easily.

Another interesting trend is the preference for environmentally friendly products, with 38% of millennials choosing to buy items that are good for the environment.

This trend will likely continue as millennials become more environmentally conscious and seek products that align with their values. Therefore companies should consider using eco-friendly marketing strategies to make customers feel heard.

Millennial Social Media Statistics

Millennials have been at the forefront of the social media revolution, shaping the way we connect, communicate, and consume content online.

• Facebook is the most popular social media site, and 90% of people in Generation Y have signed up for it.¹
• 90.4% of millennials use social media sites every day.¹
• 54% of older millennials in the United States use Instagram daily to keep in touch with their friends.¹
• 70% of the people said that YouTube and Facebook are the main places where millennials interact with each other.¹
• 44% of millennials in the United States would advertise goods on social media as gifts.¹
• Most millennials (93% of them) own smartphones.¹
• 68% of millennials want a seamless, integrated experience no matter what medium they use.²
• Almost half of millennials (47%) use social media to discover what’s new.²
• 70% of millennials believe brands that have videos of their products more than brands that don’t.²
• 84% of people in their 20s and 30s are on Facebook.³
• Millennials and Gen Z use Snapchat more than any other way to connect with other people.³
• 72% of millennials would rather see ads that are specific to them than ones that aren’t.³

As the largest demographic group in the US, millennials are an influential market for businesses to target. One key area where companies can reach millennials is social media, with Facebook being the most popular platform. 90% of people in Generation Y have signed up for it, and 90.4% of millennials use social media sites daily.

Regarding advertising, social media is a crucial channel for businesses to reach millennials. 44% of millennials in the United States advertise goods on social media as gifts, and 48% of millennials think that influencer marketing is more real than other types of marketing. Millennials are also avid consumers of video content, with 70% believing that brands with videos of their products are more credible than those that don’t.

This aligns with their desire for a seamless, integrated experience no matter what medium they use, with 68% of millennials wanting a seamless experience across different platforms. Companies can leverage the latest video marketing statistics to keep up with trends and technology.

Finally, it’s worth noting that 72% of millennials would rather see ads specific to them than those not, suggesting that personalized marketing is key to capturing their attention. With almost all millennials owning smartphones (93%), businesses can reach them through social media and other mobile platforms to engage them with personalized content and experiences.

Millennial Digital Usage Statistics

Millennials have redefined the way we interact with the digital world. Their adoption of smartphones, social media, and online platforms has not only transformed their daily lives but also left a profound mark on our global culture.

• 75% of millennials prefer to communicate with their friends and family through text messages.⁵
• On average, millennials spend 25 hours online for personal reasons.⁵
• 63% of people aged 25 to 34 said they were trying to use their phones less for everyday tasks in a July 2019 survey by SurveyMonkey for USA Today.⁵
• 35% of people aged 25 to 34 said it would be very hard for them to give up their smartphone for a week in the same survey.¹³
• 37% of millennials use smart gadgets, and that number is not likely to grow much over the next few years.¹³
• The total number of non-users and potential users of smart gadgets is less than 50% among people ages 35-44 and only slightly more than 50% among people ages 25-34, according to a poll by Activate Inc. in September 2019.¹³

Millennials are known for their tech-savvy nature, and these stats shed light on some of their habits and preferences regarding technology. Firstly, it’s no surprise that texting is the preferred method of communication for 75% of millennials, showing a clear preference for convenient and quick communication.

In terms of online activity, millennials spend an average of 25 hours online for personal reasons, emphasizing the importance of the Internet in their lives.

Interestingly, there are signs that some millennials are becoming more mindful of their smartphone use, with 63% of those aged 25 to 34 reporting they are trying to use their phones less for everyday tasks. However, 35% of the same age group admitted it would be very hard to give up their smartphone for a week, highlighting the integral role smartphones still play in their lives.

This contrasts with younger generations, who are more likely to embrace smart gadgets daily. In fact, among people ages 25-34, only slightly more than 50% are either users or potential users of smart gadgets, according to a poll by Activate Inc.

Overall, these stats suggest that while millennials are comfortable with technology and spend significant time online, they are also starting to show signs of being more mindful of their tech habits and are not necessarily adopting every new device or gadget that hits the market.

Millennial Technology Statistics

Millennials, often called the ‘tech-savvy’ generation, have grown up with the rapid evolution of digital technologies, from the rise of the internet to the advent of smartphones and the proliferation of smart devices.

• A smartphone is owned by 93% of millennials.¹
• 99% of US people in their 20s and 30s use the internet.¹
• Only two out of ten people in their 20s and 30s like to watch regular TV.⁵
• About a third of millennials have used Virtual Reality at least once.⁵
• The Apple iPhone is the most popular type of gadget for this age group.⁶
• Millennials love Apple more than any other tech brand.⁶
• 73% of millennials say technology helps them find a good mix between work and life.⁶

Technology has changed dramatically over the past decade, and millennials have been at the forefront. To keep up, businesses must stay updated with the latest technology trends for the modern office. According to recent data, 93% of millennials own a smartphone, making it an essential tool for communication and connectivity.

TV viewing habits among this age group have also shifted, with only 2 out of 10 preferring to watch regular TV. Instead, 68% of people in their 20s and 30s use a second computer, indicating the importance of multi-tasking and flexibility in their work and personal lives.

Virtual Reality has emerged as a new and exciting technology, and about a third of millennials have tried it at least once. Regarding gadgets, the Apple iPhone is the most popular device among millennials, who love the brand more than any other tech brand.

Finally, technology has become an essential tool in achieving work-life balance, with 73% of millennials stating that technology helps them find a good mix between work and life. As technology evolves, seeing how millennials and other generations adapt to and embrace innovations will be fascinating.

Millennial Political View Statistics

Millennials, often described as the largest and most diverse generation in history, are forging a path in politics that reflects their experiences, values, and vision for the future. Let’s navigate the complex terrain of Millennial politics, revealing how this generation is driving conversations and influencing policies in a rapidly changing world.

• Millennials are the second biggest group of people who can vote in the U.S.⁹
• Millennials are more democratic than the generations before them.⁹
• Millennials are at or near the highest level of not being involved in politics or religion that the center has ever seen.¹⁰
• Six out of ten millennials say that the gap between rich and poor is one of the biggest problems in the country.¹²
• 70% of people think the government should get involved and do more to close this gap.¹²

Millennials, as the US’s second-largest group of eligible voters, have shown mixed levels of political engagement.

On social and economic issues, six out of ten millennials believe that the gap between rich and poor is one of the biggest problems in the country, and 70% of people think the government should do more to close this gap. Overall, while millennials have the potential to make a significant impact on US politics, their engagement and viewpoints are not uniform.

Wrapping It Up

Millennial statistics reveal a tech-savvy, socially conscious, and politically engaged generation. As businesses, organizations, and governments seek to engage with this influential demographic, it’s important to understand their unique perspectives, preferences, and values.

By harnessing the power of technology, embracing social responsibility, and prioritizing transparency and authenticity, we can effectively connect with millennials and build long-lasting relationships. With a deep understanding of millennial statistics, we can craft effective strategies that resonate with this generation and drive meaningful change.

Sources

1. US Population By Generation by Statista
2. Millennial Survey Infographics by Deloitte
3. Millennial Marketing by BigCommerce
4. Millennial Stats by HubSpot
5. How Millennial Life Compare To Young Adulthood by Pew Research
6. How To Engage Consumers Across Every Generation by Oracle
7. Millennial Marketing Statistics by Truelist
8. Millennial Marketing Statistics by Smart Insights
9. Spending Habits Of Millennials by The Guardian
10. Fun Facts About Millennials by BLS
11. Cracking The Code On Millenials by McKinsey And Company
12. Millennials May Be Liberal by Bentley