Nearly half of Millennials say they feel behind on key milestones, new research from Numerator’s Generations Hub shows, even as many enter middle-income brackets, raise young families and drive significant in-store spending.
Millennials have an average household annual in-store spending of $22,298 on consumer packaged goods, general merchandise and quick-service restaurant fare, according to Numerator, making 683 shopping trips a year, and spending $33 per trip. The most popular retailers with the generation include Walmart (14% of spend), Amazon (12%), Costco (7%), Target (5%), and Kroger (4%). Top brands that over-index with Millennials are Honest Tea (purchased by 20% of Millennial households), Munchkin (13%), Zak Designs (12%), The Honest Co. (11%), and Zarbee’s (10%). Still, they are willing to explore unfamiliar labels, with 81% of Millennials saying they at least occasionally try new brands, the highest among any generation, Numerator pointed out. The top reasons for switching brands are lower prices (63%), stronger brand commitments that align with their values (31%), and novelty (18%).
Millennials are a diverse group as constituted in the United States, with 54% identifying themselves as white, 21% as Hispanic, 13% as Black and 10% as Asian, Numerator noted. They are also diverse in their tastes, with 69% of Millennials saying they enjoy exploring international foods.
