Millennial Statistics: Everything You Need to Know About Generation Y

A List of Comprehensive Millennial Statistics

Latest update: August 2024

 

• FAQs about Millennials
• Who is the typical Millennial?
• Millennials and the housing market
• Millennials and education
• Millennials in the workplace
• Financial and investments habits of Millennials
• Millennials and the environment
• Millennials: Time use and lifestyle
• Millennials and mental health
• Millennials and the digital world
• Millennials as customers
• Expert insights on Millennials
• Sources

 

FAQs about Millennials

• What is the Millennial age range?

Millennials are born between 1981 and 1996, meaning they are aged between 28 and 43. [1]

• What generations come before and after Millennials?

Millennials are the generation between Gen X and Gen Z.

• Who are young Millennials?

Young Millennials are defined as those born between 1988 and 1996.

• Who are older Millennials?

Older millennials are defined as those born between 1981 and 1988.

• How many Millennials are in the U.S.?

There are about 71.5 million Millennials in the U.S. That’s a total of 22% of the total population. [2]

Who is the typical Millennial?

Millennials and the housing market

Millennials are some of the most important players in the housing market, and this is how their behavior and demands influence it.

More than half of Millennials are homeowners

The majority of Millennials are homeowners; 51.05% of the total Millennial population own their homes and 48.95% of them are renting. [3]

When looking at the distribution in the total population, 20.8% of all homeowners are Millennials and 37.45% of all renters are Millennials. [4]

Millennials value practical amenities

For 26% of Millennial renters, the most important amenities are a washer and dryer, followed by upgraded bathroom finishes (20%) and kitchen finishes (19%). Compared to other generations, Millennials don’t give that much importance to smart locks and thermostats. Only 5% list this amenity as important (as compared to 12% of Gen Zs, for example). [5]

Millennial renters pay more in rent and like to live on their own

When looking at rent costs, Millennials pay a median rent of $1,157 — more than any other generation. [6]

Millennials leave the nest later than other generations with 20% of them still living in multifamily households. [7] Nowadays, many people choose to rent on their own and, of those, 29.5% are Millennials. [8]

Top 100 metro areas where most Millennials live

Millennials and education

Millennials are a well-educated generation with numbers showing they have more diplomas than other generations.

Of the total Millennial population, 39% have a bachelor’s degree or higher level of education. Millennials also have more master’s degrees than any other generation with more than 7.2 million of them holding this degree. Similarly, Millennials also have more doctoral degrees than the other generations as more than 1 million Millennials are PhDs. [9]

Business is the top undergraduate major chosen by Millennials

The most common bachelor’s degree for Millennials is in business with 7.52% of them holding this title. The second and third positions are occupied by medical and health sciences and services, and then engineering, both of which are around 3.1%. [10]

Teachers and books are important to Millennials

Approximately 80% of Millennials believe that teachers and professors are important for learning and development. [11]

In terms of the devices, most Millennials prefer using a laptop (55%), and more than half use YouTube to learn. (55%). However, even more Millennials prefer getting their knowledge from books, which were ranked highest in terms of the preferred learning tools (60%). [12]

Millennials in the workplace

Millennials are the most important players in the current workforce: 35% of the total U.S. workforce is made up of this age group. [13]

 

The total share of unemployed Millennials from the labor force is 1.76%. However, the unemployment rate among Millennials (share of total Millennial population that is unemployed) reached 4.16% in 2022. [14]

Most Millennials (26.4%) are employed in the field of educational, health and social services, followed by those working in professional, scientific, management, administrative and waste management services (15.35%). The third-most popular industry with Millennials is retail trade (12.05%). It’s followed by manufacturing (10.69%) and arts, entertainment, recreation, accommodations and food services (10.13%). [15]

The highest percentage of Millennials are managers (3.46% out of the total number of employed Millennials) followed by elementary and middle school teachers (2.63%), and then registered nurses (2.46%). [16]

The majority of Millennials are full-time employees (83%). Only 17% of them work part-time. When looking at the gender distribution, 60% of the part-time Millennial workers are women and 40% are men. [17]

Millennials want to do meaningful work and be recognized for it

Millennials want to be fulfilled in their job and do purpose-driven work. In fact, 89% of them say having a sense of purpose is somewhat or very important to their job satisfaction. [18] More than half (53%) of Millennials also say that not being properly recognized and rewarded for their work makes them feel stressed or anxious. Also contributing to these negative feelings are long working hours, not having enough time to complete work and feeling that decisions at work are not being fairly reached. [19]

Almost half of Millennials (43%) say they have rejected an assignment or project because it did not align with their personal ethics or beliefs, and four in 10 Millennials have rejected employers for the same reason. [20]

Millennials believe that businesses have a moderate or significant influence on matters they care about, such as protecting the environment (68%), ensuring ethical usage of technology (65%) and fostering social equality (63%). [21]

How returning to the office has affected Millennials

About 66% of Millennials said they work for companies that have implemented a return-to-office policy, either full- or part-time. Of the Millennials who have returned to the office, 28% feel more engaged with coworkers, 27% feel they have better routines and 24% have noticed an increase in social interactions with their colleagues. [22]

However, they also feel the negative effect of this return to office as 17% of Millennials report that they’ve felt a negative effect on their finances and on their productivity; 15% feel more stressed; and 11% feel like their caregiver abilities have been hindered. Additionally, 11% of Millennials who have returned to the office in one way or another say they have started looking for a new job. [23]

Financial and investment habits of Millennials

The median wage of Millennials is around $38,000. [24] Notably, Millennials feel more confident than any other generation in their financial literacy regarding consuming and saving money, and 52% describe their knowledge in these issues as advanced. [25]

This generation is financially oriented, as well, as 36% of them see themselves as avid savers. [26]

More than half of Millennials have investments

Approximately 64% of Millennials report having an investment in their name. Their top three investment options are cryptocurrency, stocks and ETFs. [27]

Of the total Millennial population included in an IPUMS survey, 83.94% report having health coverage. However, from the total respondent population that does not have health coverage, Millennials have the highest share (41.85%). [28]

Of the reasons listed in the survey for not having health coverage, 57.5% of respondents report that it’s too expensive and 25.4% say they don’t want or need coverage. [29]

Millennials have accrued debt, especially student loans

In 2023, the total average debt owed by members of the Millennial generation was $125,047. [30]

About 43% of Millennials still have student loans, which is more than any other generation. As of 2023, the average Millennial borrower had an outstanding student loan balance of more than $42,600. [31] Furthermore, of the total student debt accrued by the U.S. population, almost half (47%) is owed by Millennials. [32]

Millennials still have concerns about their finances, although they are optimistic about the economy

The top financial skill that Millennials focus on perfecting is building or improving their credit score with 31% of them declaring this as a skill that’s important for them to learn, followed by a concern for saving for retirement and reducing debt (28%). [33]

The top financial concerns of Millennials also reflect these priorities with 18% of Millennials saying they’re concerned about saving; 15% about borrowing and managing debt; and 14% about retirement. [34]

Millennials are overall cautiously optimistic about the economy, but are still concerned about key factors, such as cost of living, climate change and personal safety. [35]

Millennials and the environment

Millennials are an eco-conscious generation: 59% of them would spend more on an eco-friendly version of a product and 35% said they always try to recycle. [36] With this behavior, they’re also rather optimistic about the environment as 46% of them believe the environment will get better. [37]

Around one-quarter of Millennials (24%) say they’ve stopped or limited their relationships with businesses that have unsustainable practices. [38]

Millennials’ time use and lifestyle

Half of the Millennials prefer to listen to music in their spare time. As a second-favorite activity, 42% of Millennials say they enjoy watching YouTube videos and 41% spend their free time on social media. [39]

Millennials spend an average of eight hours and 54 minutes sleeping per day. [40]

They also exercise for an average of 18 minutes per day, which is 10 minutes less than Gen Z. [41]

Millennials attend social events for an average of 24 minutes per week. [42]

Meanwhile, four hours and 40 minutes are dedicated to self-care in the typical Millennial’s week. [43]

On average, Millennials spend seven hours and 53 minutes per week eating and drinking. [44]

In terms of the attitudes and interests of Millennials, most of them consider themselves career-focused parents (66.9%). They also say they are mobile dependents (66.1%), jet-setters (59.1%), early adopters (56.8%) and go-getters (55.5%).[45] At the same time, Millennials are also caregivers, either for children or for older relatives and parents, and 42% of them say that these responsibilities have a significant effect on their personal lives. [46]

Millennials and mental health

About 80% of Millennials believe their mental well-being is the same or better than it was 12 months ago, yet 39% of them said they felt stressed or anxious most of the time. [47] Plus, 28% of Millennials feel distanced from their job, citing negativity or cynicism toward their work. About six in 10 Millennials (61%) say they limit their exposure to news to protect their mental health. [48]

Of the aspects that have a positive influence on their mental health, 78% of Millennials list spending time with friends in person, while 75% mention physical exercise, yoga or running. Entertainment also offers positive escapism to 72% of Millennials, be that watching TV, movies or streaming services. Of the mental health support benefits offered to Millennials by their employers, paid time off is the most offered and used, as compared to paid therapy or counseling, which is offered and used by only 19% of Millennial employees. [49]

Millennials and the digital world

Millennials are a tech-savvy generation with 46% of them saying they feel confident about technology, which is more than any other generation, including Gen Zs. [50] Also, the majority of Millennials report spending between two and three hours online on their phones on an average day. [51]

When it comes to their preferred devices for accessing the internet, 95% of Millennials mention their smartphone, followed by personal PC or laptop (63.7%) and smart TVs (44.45%). [52]

Millennials show positive outlook on social media and their well-being, while also being aware of negative influence

Most Millennials (49%) regard social media as having a positive influence on their mental health, while only 8% said they felt somewhat or negatively affected by social media. [53]

More than half of Millennials said that they had gained access to more mental health resources thanks to social media. However, 40% of Millennials also report that they feel more lonely and inadequate because of social media and that they feel the pressure to have an online presence. [54] While online, 77% of Millennials said that they felt negatively about some aspect of their lives, and 46% of them felt negatively about their financial situation because of someone else’s posts on social media. These percentages are higher than those for Gen X and Baby Boomers, but slightly lower compared to Gen Zs. [55]

In terms of their social media use, most Millennials report having used YouTube (76.1%), Facebook (74.7%), and Instagram (62%) in the last month (March 2023). [56]

When looking at the type of websites and apps they use, 96.15% of Millennials say they use social networks, followed by 90.4% for chat and messaging apps; 88.85% for search engines; and 86.1% for email. [57]

When explaining their reasons for using emojis, most Millennials use emojis to represent a positive emotion (64.1%), followed by the need to express something not easily expressed through words (41.3%) and to soften their tone (41.1%). [58]

In terms of the Millennials’ favorite emojis, the crying/laughing face is the most popular (17.8%), followed by rolling laughing (15.9%) and the rosy-smiley face (13.05%). [59]

Millennials show both concern and excitement about AI

Concerning their relationship with AI, Millennials show mixed emotions: 26% declaring they feel uncertainty toward GenAI, while 23% report excitement and 21% fascination. [60]

Of the Millennials who frequently use GenAI, 73% believe that certain jobs will be eliminated because of AI-driven automation. Even half of the Millennials who do not use GenAI at all believe this. Regarding their own attitudes toward this issue, 79% of Millennials who frequently use GenAI think that they will likely look for job opportunities that are less-vulnerable to automation. Additionally, 71% of these AI-experienced users believe that younger generations will find it harder to enter the workforce because of GenAI. [61]

Millennials as customers

Millennials are an important target demographic for many brands, and knowing their behavior is key in targeting marketing campaigns and designing needed products and services for this generation.

Millennials use social media when shopping

More than half of Millennials (53%) use YouTube to find new brands and products. Social media generally dominates this list with Facebook, Instagram and TikTok listed among top four channels for finding new brands. [62] As Millennials are among the most prolific users of social media and the first generation to have contact with it, 88% of them now use social media as a source of information and product research. [63]

When looking at the distribution by gender, 31% of Millennial women report that Instagram is the social network with the most influence on their shopping habits, compared to only 25% of Millennial men. For the older Millennials, Facebook still dominates, with more of an influence than Instagram and TikTok on Millennials who are in their 30s or 40s. [64]

Most Millennials use their phones for shopping or researching products: 66% of Millennials say that they have used their phones while in a store to research a potential purchase, while 62% of them say they have made an in-app purchase. [65]

Millennials prefer online shopping for convenience and cross-border purchases

When looking at the shopping intention for the next year, most Millennials say that they will shop online for convenience (23%). Following this preference is a tie (at 13%) between choosing retailers who use sustainable and eco-friendly practices; concerns about health and safety; and shopping online for the experience. [66]

Millennials also dominate the online sphere when it comes to purchases — especially cross-border, regardless of the purchase frequency — with a total of 45% of the outside-of-country purchases being made by Millennials. [67]

Compared to the older generations, Millennials and Gen Z are buying more from outside of their country. Specifically, Millennials do so more than Gen Z for cosmetics, fragrance, health and beauty products, luxury goods, and skin care. [68]

Notably, 74% of Millennials believe they will shop online about the same amount or more than usual in the future. [69]

Looking at the channels from which they purchased items in the last 12 months, social media posts and ads take the first two positions with 67% and 63%, respectively, of Millennials declaring they shopped from those channels. Third place is secured by email with 61% of Millennials reporting that they purchased something via this channel, and last is SMS or MMS messages, which is used by 45% of Millennials.[70]

Millennials want value-based offers and personalized content

The most important factor influencing the purchasing behavior of Millennials is value with 32% declaring they prioritize getting the best price. This is followed by product style and convenience, which are both important for 24% of Millennials. Brand responsibility comes in last, influencing only 20% of Millennials. [71]

Financial concerns also appear when it comes to the direction in which Millennials plan to shift their shopping habits: More than half (58%) of Millennial survey respondents plan to research more before buying a product, while 53% plan to rely more on loyalty programs and 51% plan to wait more for a product to go on sale. [72]

When it comes to how to best market to Millennials, strategies that prioritize value and individualized offers win. That’s because the majority of Millennials (67%) place emphasis on receiving discount codes and money-off coupons, whereas, for 66% of respondents, personalized treats were the winners. Another 65% of Millennials want to receive more information about loyalty programs, and 63% of them want free delivery and VIP offers. [73]

Millennials like brands that offer reliable, individualized user experiences

Millennials show a general increase in their trust toward brands’ marketing strategies. In particular, the sports and entertainment industry has the most trust from this generation that it will deliver personalized marketing plans. [74]

In terms of the most-wanted qualities in a brand, Millennials value reliability (53%), innovation (43%), smart brands (43%) and authenticity (42%). [75]

The majority of Millennials (77%) say they are less likely to shop with a brand if they have a bad return experience, showing that convenience remains important for this generation of consumers. [76]

More than half of Millennials like Amazon (56%), PayPal (56%), Nike (53%), YouTube (52%) and Dove (51%) as brands. [77]

Millennials’ favorite brands offer them a constant and reliable user experience, which is important for 90% of respondents. Likewise, for 89% of Millennials it is important that the brand treats them like individuals, while 88% want to be rewarded for their loyalty. Communication is also important for Millennials with 59% of them mentioning this to describe their relationship with their favorite brand. [78]

Looking at where Millennials spend most of their money, Walmart comes out on top, with an 18% share of spending represented by Millennials. It is followed by Amazon with 11%, Costco with 8%, and Target with 7%. [79]

Millennials are generally nostalgic about past media, especially movies (34%), music, and video games. They also share a nostalgia for brands from their past with 59% of them saying they feel nostalgic about old ads and logos. [80]

Millennials are generally loyal to their favorite brands, but expect something in return

The large majority of Millennials (83%) say they will pay more to purchase from their favorite brands. However, they expect to receive loyalty program offerings in return, especially points or rewards (46%); discounts (45%); and exclusive access to products, events, or services (34%). [81]

In order to maintain Millennial loyalty, brands need to offer customer service and support, as well as availability both online and in-store for a wide range of options. Special offers and promotions, as well as data privacy policies, are also important for Millennial customers. [82]

Millennials are ethical and environmentally conscious consumers

Finally, 43% of Millennials consider themselves to be active in climate change conversations and engaged in adopting more green practices in their lives. [83]

When looking at the changes Millennials have made or plan to implement, most of them mention avoiding fast fashion (64%), researching a company’s green policies before buying (60%) and purchasing an electric vehicle (58%). [84] Millennials also show more concern about the way in which their shopping habits influence the environment than any other generation.

Therefore, if companies do not implement green and humane policies, they might lose potential Millennial clients because 66% of them said that they would prioritize ethical companies despite potential cost savings [85], while 52% would feel bad and buy less from a company if they found out they were greenwashing. [86]

Expert insights on Millennials

Sources

[1] IPUMS; data source: Census DP05
[2] IPUMS; data source: Census DP05
[3] IPUMS; data source: Census ACS 5-year estimates
[4] IPUMS; data source: Census ACS 5-year estimates
[5] Statista: Most important apartment amenities for renters in the United States in 2020, by generation
[6] IPUMS
[7] RentCafe: Multi-generational Living
[8] RentCafe: Solo renters
[9] IPUMS
[10] IPUMS
[11] Pearson: Beyond Millennials: The Next Generation of Learners
[12] Pearson
[13] IPUMS
[14] IPUMS
[15] IPUMS
[16] IPUMS
[17] IPUMS
[18] Deloitte 2024
[19] Deloitte 2024
[20] Deloitte 2024
[21] Deloitte 2024
[22] Deloitte 2024
[23] Deloitte 2024
[24] IPUMS
[25] Investopedia: 2022 Financial Literacy Study
[26] GWI
[27] Investopedia
[28] IPUMS
[29] IPUMS
[30] Experian
[31] TransUnion 2023 Study, reported by Bankrate
[32] Bankrate
[33] Investopedia
[34] Investopedia
[35] Deloitte 2024
[36] GWI
[37] GWI
[38] Deloitte 2024
[39] YPulse Hobbies & Passions Behavioral Survey 2022
[40] IPUMS
[41] IPUMS
[42] IPUMS
[43] IPUMS
[44] IPUMS
[45] GWI
[46] Deloitte 2023
[47] Deloitte 2024
[48] Deloitte 2023
[49] Deloitte 2023
[50] GWI
[51] GWI
[52] GWI
[53] Deloitte 2023
[54] Deloitte 2023
[55] Bankrate
[56] GWI
[57] GWI
[58] GWI
[59] GWI
[60] Reuters 2023, as cited in Deloitte 2024
[61] Deloitte 2024
[62] ESW’s Global Voices Consumer 2022 Survey
[63] Mintel’s US Millennials: Online Shopping Behaviors Market Report 2023
[64] Statista Survey 2022
[65] Marigold 2023 Consumer Trends Index
[66] ESW’s Global Voices Consumer 2022 Survey
[67] ESW’s Global Voices Consumer 2022 Survey
[68] ESW’s Global Voices Consumer 2022 Survey
[69] ESW’s Global Voices Consumer 2022 Survey
[70] Marigold 2023 Consumer Trends Index
[71] Marigold 2023 Consumer Trends Index
[72] Marigold 2023 Consumer Trends Index
[73] Marigold 2023 Consumer Trends Index
[74] Marigold 2023 Consumer Trends Index
[75] Statista
[76] Mintel’s US Millennials: Online Shopping Behaviors Market Report 2023
[77] YPulse
[78] Marigold 2023 Consumer Trends Index
[79] Numerator
[80] GWI
[81] Marigold 2023 Consumer Trends Index
[82] Marigold 2023 Consumer Trends Index
[83] 33 Seconds: A Window On Net Culture
[84] Mintel’s US Millennials: Online Shopping Behaviors Market Report 2023
[85] Mintel’s US Millennials: Online Shopping Behaviors Market Report 2023
[86] 33 Seconds: A Window On Net Culture