Millennials (born 1981–1996) comprise 29% of the global population and are the largest adult group in the U.S., exceeding 74 million people. Many millennials have grown into prime earning and spending years, with a notable share earning six-figure incomes. The generation matured alongside the internet and social media, becoming digitally savvy and comfortable with e-commerce and direct-to-consumer brands. Longstanding relationships with online influencers have shaped brand preferences. As millennials approach middle age they prioritize wellness and longevity and spend on related products, while also buying nostalgic yet healthier, safer goods for their Gen‑Alpha children.
Millennials-individuals born between 1981 and 1996-now make up 29% of the worldwide population. In the United States, they are the largest adult group, totaling more than 74 million people. Given the generation's size, it makes sense that millennials comprise a large share of purchasing power. Despite having come of age during the 2008 Great Recession, millennials are now in their prime spending years, with 16% of U.S. millennials earning $100,000 or more per year, per YouGov.
Millennials, also known as Generation Y, grew up during the internet boom and witnessed the inception and rise of social media. While not quite digital natives, they became the first digitally savvy generation, accustomed to the convenience of new technologies, including e-commerce and the quality-on-a-budget formula of direct-to-consumer (DTC) brands. They also formed longstanding relationships with internet personalities that came of age alongside them, such as beauty and food-focused YouTubers who then went on to develop their own lines.
As they near middle age, millennial consumers are prioritizing wellness and longevity, and are willing to spend their money on such things. At the same time, they are also directly influencing (and being influenced by) the preferences of their Gen-Alpha kids. Some 70% of Gen Alpha's parents are millennials, PR agency DKC reports. Millennial spending habits are specific when it comes to their children: They are nostalgic for their own childhoods, while seeking safer, healthier materials in the food, toys, and clothes they purchase for their kids.
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