Millennials, also referred to as Generation Y, or Gen Y, are the generation that follows Generation X (Gen X) and precedes Generation Z (Gen Z).

Millennials were born between 1981 and 1996. As of 2023, they range in age from 42 to 27.

Millennials are considered the most educated generation and the largest demographic with more than 72 million people in the United States.

They are a diverse generation with many positive attributes, but they also face many challenges. 

Many are struggling with student loan debt and economic uncertainty.

The following Millennial statistics will address more about this vast generation.

Key Statistics

• There are over 72 million Millennials in America.
• Millennials enjoy spending power of $2.5 trillion.
• 66% of Millennials are married as of 2023.
• 42% of Millennials believe it’s important to be married before having children.
• In 2019, only 44% of Millennials were married.
• An annual average of over $52,000 is spent by Millennials alone.
• 91% of Millennials prefer to do their shopping online.
• By 2030, Millennials will account for 75% of the global workforce.
• 85% of Millennials own and use smartphones.
• 38% of Millennials have at least a bachelor’s degree as of 2021.

Top Millennials Statistics in 2024

1. There Are Over 72 Million Millennials in America.

In recent years, Millennials have surpassed Baby Boomers in terms of the biggest adult population in the United States.

In 2019, the Census Bureau reported that there were 72.1 million Millennials in the United States.

Much of this is due to the aging population of Baby Boomers shrinking due to death.

(WealthUp)

2. Millennials Enjoy Spending Power of $2.5 Trillion.

Statistics show that Millennials enjoy a spending power of $2.5 trillion (USD). This is important data for marketing professionals to have.

This is a huge target market with an over 72 million audience reach.

Baby Boomer numbers may be shrinking, but there are still over 71 million Boomers.

Gen-X has a share of 65.2 million people in its age group.

(ANA)

3. 66% of Millennials Are Married as Of 2023.

In 2023, statistics show that 66% of Millennials are married.

Another 68% either have children or are expecting a baby.

This means that more than half of the United States Millennial population is married and/or have children or are having a baby.

What can marketers do with this data? It certainly points to a wide range of audience targets.

(GWI)

4. 42% of Millennials Believe It‘s Important to Be Married Before Having Children.

This data shows us that getting married before having children is still important in this generation.

In fact, 42% of Millennials believe it’s very or extremely important to be married before having children.

For comparison, 49% of Gen X feels the same and 51% of Boomers agree.

So, you can see how this attitude has and is changing among younger generations.

(Exploding Topics)

5. In 2019, Only 44% of Millennials Were Married.

Data shows that in 2019 only 44% of Millennials were married compared to 66% who are married as of 2023.

This shows us that this generation is waiting longer to get married if they choose to get married at all.

For reference, 53% of the Generation X demographic were married in 2019, 61% of Baby Boomers, and 81% of Silents (The Silent Generation).

(Pew Research)

6. An Annual Average of Over $52,000 Is Spent by Millennials Alone.

What are the spending habits of Millennials in 2023? The most recent data is from a SmartAsset 2020 study that revealed Millennials were spending an annual average of $52,874.

For comparison, Gen X was found to spend an annual average of $74,683.

Both of these generations are spending a lot of money, which is good for brands, businesses, advertisers, and marketers.

(Millennial Money)

7. 91% of Millennials Prefer to Do Their Shopping Online.

Recent statistics show that 91% of Millennials prefer to do their shopping online leaving only 9% who prefer to shop in-store only.

This shouldn’t come as a surprise with the rise of eCommerce making it easier and more convenient to shop online instead of fighting long lines in stores. 

(Lexington Law)

8. By 2030, Millennials Will Account for 75% of The Global Workforce.

Millennials range in age from 27 to 42 and will have a 75% global share of the workforce by 2030.

That represents three-quarters of the entire global workforce.

Moreover, Gen Z (born after 1996) will have a large share of the global workforce market with more than one billion workers. 

(Ignite)

9. 85% of Millennials Own and Use Smartphones.

In terms of device usage, 85% of Millennials own and use smartphones.

This means marketers can focus on SMS marketing, mobile ads, and mobile websites among this target audience.

Of course, there are several who still use laptops, desktops, and tablets, so don’t leave out a full spectrum of marketing methods for this demographic.

(EnterpriseAppsToday)

10. 38% of Millennials Have at Least a Bachelor’s Degree as Of 2021.

Data shows 38% of Millennials have at least a bachelor’s degree or above.

For comparison, 32% of Gen X fall into this same category and 15% of Boomers when they were in the same age range as Millennials today.

Even with this higher education data among Millennials, they are still not earning any more than Baby Boomers with less education, but they have significant student loan debt.

(WealthUp)

11. 75% of Millennials Interact with Brands via Social Media Platforms/Apps.

Millennials are prone to using social media to engage with brands they like.

Statistics show that 75% of Millennials interact with brands through their social media accounts.

Since most Millennials use smartphones to go online, it stands to reason that they likely engage with brands via their social media apps.

(ANA)

12. Millennials Are More Apt to Use AI at Work.

Millennials have grown up with technology, so it makes sense that they would appreciate and be more apt to accept and use AI (artificial intelligence) in the workplace.

Most Millennials have a more liberal attitude in terms of technology, so they are the most likely generation to use it. 

(GWI)

13. Over Half of Millennials Say They Prefer to Spend Their Money Traveling than To Buy a House.

Even though 68% of Millennials have a child or are expecting a baby, 50% of this generation would rather spend their money on traveling abroad than to buy a house and settle down by getting married and having children.

Millennials are waiting to marry and have a family in this climate.

Only 39% have said they are making it a priority to start a family.

(Exploding Topics)

14. The Average Millennial Mom Has 2.02 Kids.

Despite the fact that Millennials are waiting to get married and have kids, the average Millennial mom has 2.02 kids.

Moreover, one in every five Millennial fathers are single parents.

Also, 55% of Millennial females have a child.

For comparison, 27% of Baby Boomers married early and had kids early compared to 13% of today’s Millennials.

(Lexington Law)

15. 48% of Caucasian Millennials Were Married in 2019.

Data from the Pew Research Center found that in 2019, 48% of White/Caucasian Americans were married.

The Asian-American Millennial share of married couples comes to 51%, making it the largest demographic in terms of married Millennials in 2019.

The Hispanic community accounted for 42% of married Millennials and 24% were Black/African American.

(Pew Research)

16. Millennials Spend $79 on Average for Cable or Streaming Services.

The average spend for cable or streaming services among Millennials accounts for $79 a month.

For perspective, Baby Boomers spend an average of $114 for cable TV or streaming services.

Further data from these statistics found that Millennials are more likely to switch to streaming services rather than pay the higher cost of cable or satellite TV.

(Millennial Money) 

17. 49% of Millennials Follow Their Favorite Retailers or Brands on Social Media.

Stats show that 49% of those in the Millennial generation follow their favorite retailers and brands on social media.

For comparison, all other generations combined account for 31% of them who follow their favorite brands and retailers.

It’s safe to say that Millennials do more following and interacting with their favorite brands and retailers than any other generation today.

(EnterpriseAppsToday)

18. 47% of Millennials Use Social Media to Discover the Latest Trends.

One of the ways that you can use social media is to find new trends.

Almost half, 47%, of Millennials do just that.

They use their social media accounts to learn about the latest trends.

However, the way Millennials most use social media at 61% is to communicate with their friends, coworkers, family, and acquaintances, not necessarily in that order.

This same data found that 51% use it to kill some time, and 43% use it for reading breaking news stories.

(SproutSocial)

19. 52% of Millennials Favor Shopping at Stores that Match Their Values.

Over half, 52%, of Millennials say that they prefer to shop with stores and businesses that share their same values.

Virtually everything Millennials do is done according to their own values, including shopping.

They are more apt to spend more on products and brands that support social justice and sustainable efforts. 

(WealthUp)

20. 37% of Millennials with Jobs Work at Least One Side Hustle.

Studies show that 52% of Millennials live from paycheck to paycheck in 2023.

In 2022, that figure was 33%.

Inflation has taken hold of us all, but it’s hitting Millennials hard.

Due to this fact, 37% (more than a third) of working Millennials are also working at least one side hustle to earn extra money for luxuries, or to earn money just to be able to pay their living expenses

(ANA)

Bonus Millennial Stats

• Millennials say they prefer original content over trending topics. 
• $100,906 is the average debt of Millennials.
• 60% of Millennials say that student loan debt is keeping them from buying a home.
• One-quarter of Millennials expect customer service to respond to them within 10 minutes via social media.
• 30% of Millennials expect same-day responses from brands/retailers through SMS text.
• 90% of Millennials value a positive work-life balance.
• During the global pandemic, 65% of Millennials were able to improve their finances.
• 48% of Millennials say they will make a purchase if it comes with free delivery.
• 29% of Millennials buy from a brand after seeing something from them on social media.
• In 2020, the median pre-tax income of Millennials was $71,566.

FAQs

Conclusion

As of 2019, Millennials account for the largest portion of the American population, outpacing Baby Boomers who made up most of the adult population in the United States before.

Millennials have different shopping habits than their older generation counterparts.

One such difference is that they prefer to shop online instead of in stores.

Baby Boomers and Gen X are likely to shop in-store, with some shopping online as well. 

We also found out that Millennials are waiting longer to get married and/or start families than Gen X or Baby Boomers.

Also, many are choosing to stay single or cohabitate instead of getting married. 

We hope these Millennial statistics have provided you with data you can use to create an effective marketing strategy.

Sources

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