Millennial Spending Habits in 2019

Millennials, also referred to as Generation Y, are currently between the ages of 17 and 36 and one of the first generations to spend their formative years online. At 83 million people, Millennials account for a quarter of the population of the United States, making them the largest living generation.

Millennials average yearly expenditures are around $47,011. And in total, Millennials spent roughly $600 billion in United States in a year. As many Millennials are graduating from college with financial responsibilities, including debt, they have a growing obligation to act more responsible with their money and spending habits. Millennials are expected to accrue more wealth by the year 2020 where they are trended to spend $1.4 trillion. As Millennials pay off loans and get better jobs with higher salaries the spending habits are expected to change. It's projected that Millennials will be the leading generation in E-commerce and online shopping by 2020. A lot digital marketing campaigns are now focusing on age 18-36 as they trying to establish brand loyalty with the Millennials.