Five Facts on Millennial Spending Habits
Millennials differ from generations before them is that they shop with their values in the forefront, they shop online rather than in-person, and they're willing to spend more on experiences and luxury items than other generations. Here are some statistics to demonstrate where and how Millennials spend their money:
Millennials and Gen Z make up 40% of all luxury spending and 100% of global luxury growth.
52% of Millennials prefer to shop at stores that align with their values.
83% of Millennials say a brand’s sustainability practices influence their decision to shop with them.
29% of Millennials purchase from brands after seeing them on social media.
Around 54% of Millennial spending happens online. And 42% of Millennials shop online from their smartphones.