The top Millennial spending habits statistic to know this year:
1. On average, Millennials will have spent nearly $93,000 on rent by the time they reach 30
The reason more Millennials aren’t homeowners is simple; they can’t afford it. Burdened by student loan debt and cost of living, most Millennials choose to wait for significant life events like getting married, having children, and buying a house.
Combined with high rent, these factors mean that Millennials carry a heavier rent burden than prior generations. (Source: RentCafe)1
2. Millennials spend $164 a month on entertainment, on average
Much has been made of Millennial consumers and their spending habits, but overall, Millennials tend to spend more money on experiences rather than things.
However, while Millennials outspend their Boomer and Gen Xer counterparts in the area of entertainment, they do not tend to curb spending in other areas to better afford experiences. (Source: McKinsey)2
3. 41% of Millennials spend more on coffee than retirement
A survey conducted by Acorns found that 41.26% of Millennial respondents said they’d spend more on coffee over the previous year than they had saved for retirement.
While Millennial spending habits have been a source of controversy over the years, there is a tendency to splurge on items like coffee. (Source: Acorns)3
4. Half of Millennials order take out 2 or 3 times a week
The pandemic has encouraged distancing and supporting local businesses, but that has not affected Millennials’ preference for eating out. Millennials have continued to eat out 2 or 3 times a week, even during the pandemic. (Source: The Guardian)4
5. Around 54% of Millennial spending happens online
Millennial shoppers are digital buyers, with over 86% of Millennial consumers making purchases online. Furthermore, 67% of Millennials say they prefer shopping online to in-store. (Source: Invesp)5
6. 42% of Millennials shop online from their smartphones
Not only do Millennials like to shop online, they like to shop on the go. Nearly half of Millennials complete online purchases using their smartphone. (Source: Statista)6
7. 52% of Millennials prefer to shop at stores that align with their values
Millennial consumer behavior is closely aligned with their values and beliefs. As a socially responsible generation, Millennials spend on brands and products that promote sustainability and social justice. (Source: Euclid)7
8. Millennials spend an average of $47,112 a year
On average, Millennial spending totals around $47,000 a year. The highest ticket items for Millennial spending include rent/housing, eating out, and apparel and services. (Source: BLS)8
