Millennials represent 26% of households across America, a figure that’s grown 2% since 2016. And not only do Millennials hold great potential as the new wave of parents, they also carry their fair share of weight when it comes to FMCG spending, which will grow as they progress in their careers. Therefore, capturing their attention and spending is of growing importance.
Even though this generation’s spending will increase over time, Millennials already spend more per trip than any other generation, with an average basket size of $57. Despite the big individual baskets, however, Millennials spend the least in aggregate each year, with each shopper spending an average of $5,716 per year. Considering their larger-than average basket sizes, Millennial households spend less per year because they make fewer shopping trips.
Across generations, U.S. Millennial households are the most racially and ethnically diverse generation to date: 20% are Hispanic (the most of any generation to date), 12% are African American, 7% are Asian, and 12% comprise a selection of other races. Millennial households also hold more college degrees than other generational households, leading to a higher percentage (40%) that are part of the professional/ managerial workforce, with the majority making over $50,000 per year.