22 Marvelous Millennials Stats to Muse Over in 2023
Updated · Mar 06, 2023
See that casually dressed dude constantly perusing their Facebook feed filled with doggy photos and the same old cat videos? Or that 30-ish girl casually slurping a fancy Kombucha through a paper straw?
If you’re a Gen Xer, Facebook rings a bell, but Kombucha probably sounds like a vaguely familiar name from an old movie.
If you’re a Gen Zer, you probably see your Millennial parents as quite passé.
Cute but quaint.
I mean, who’s even left on that ghost town Facebook? And Kombucha is both old-school and mainstream by now.
The newest Millennials stats are here, as spick and span as those 90’s bomber jackets that are coming back in style. Scroll on below to satisfy your curiosity!
Fascinating Facts About the MTV Generation (Editor’s Choice)
- 52% of Millennials went to college, which is a higher percentage than any previous generation.
- Millennial buying power will increase more than 10% by 2025, and it might top $4 trillion by 2030.
- Technology is a company’s best friend when it comes to Gen Y. 63% of Millennials use social media to keep up with their favorite brands
- 71% of them use their phones to shop online.
- More than 81% of Millennials expect companies to support charitable causes. Gen Yers tend to be eco-conscious, brand-aware, digitally savvy, and flexibility-oriented consumers.
- 95.1% of Millennials indulge in impulse purchases, but they mostly spend their money on food, cars, and clothes.
- Gen Yers are more spiritual than predecessors but still crave luxury articles.
- Estimates suggest that the Millennial workforce will comprise 75% of the global employment pool by 2025.
- When looking for a job, most Gen Yers weigh money, security, and time off over other things. However, 60% of them would leave a position if it disagrees with their value system.
Millennials Generation Facts
Let’s start off with the basics. What do the numbers say about Gen Y? How do Millennials behave at home, at school, at work?
In other words, what are Millennials known for?
1. Millennials were the most educated generation—until Gen Z came along.
Millennials fare better than their predecessors in terms of education. Around 40% of Generation Y hold at least a bachelor’s degree, whereas only 30% of Generation X can claim the same thing.
Yet, it seems that Zoomers (Gen Z) might soon overtake their cultured forerunners.
According to a 2018 study, 57% of Zoomers (then aged 18-21) were enrolled in colleges. For comparison, only 43% of Gen X and 52% of Millennials were in college at that same age.
2. In the academic world, Millennial female power went off the charts.
(Source: Pew Research Center)
The statistics also paint a rosier picture for gender equality. In fact, Gen Y marks the first generation where women significantly outdid men (by 7%) in attaining a bachelor’s degree.
The increase is quite steep when you put things in historical perspective. Only 11% of females from the Silent Generation (those born between 1928-1945) earned a degree. For comparison, Millennials’ education stats suggest that 43% of Millennial women had tossed a graduate cap at least once by 2019.
3. The MTV Generation naturally transitioned from MTV to YouTube.
To be precise, 86% of them actively search out learning and entertainment content on YouTube.
Millennials also love some Facebook time—87% of them chat and scroll away on the social media behemoth.
Fun fact: The attention span of Gen Z is only eight seconds (and rapidly shrinking owing to the reel craze). Millennials, on the other hand, can keep their mind focused on a single video or ad for a grand total of 12 seconds.
4. The Zoomers are digital natives, but Gen Yers are digital adventurers.
Millennial social media statistics might not be as exciting for digital marketers as the stats on their successors, but Gen Yers are still quite active in the digital world—some might even say they’re addicted to it, but that’s neither here nor there.
The MTV Generation usually goes online to connect with their nearest and dearest (61%) but might also surf social media channels simply to while away the time (51%).
Unsurprisingly, around 63% of Millennials spent more time online in 2021 (who can blame them?) and 46% of them believe they’ll continue with this trend for the following three years.
5. A third of Millennial daters yearn for “the one.”
Millennial trends for 2022 can be summarized by three words—health, love, and adventure. Basically, the three things we did not really get to enjoy much thanks to a certain viral agent from the Far East.
Nevertheless, they made do. Bumble usage statistics, for example, suggest that Millennials are the biggest demographic for online dating apps, with the average user being 26 years old.
Surveys place an astounding half of Gen Y individuals as intent on improving their mental health this year. So much time in lockdown took a toll.
6. Millennial parents—overworked, but spending more time with their kids.
(Source: Think with Google)
Millennial parents have stuck a fine balance between canoodling their children, juggling an intense career path, and following their heart’s desires.
Millennials stats do not lie—75% of Gen Y don’t drop their personal goals and dreams after their first child is born.
Moreover, their children also strike lucky as data shows that 74% of Millennial parents involve their offspring in important household decisions.
7. Millennials aren’t quick to leave the nest.
Gen Y adults usually get a bad rep for nestling in their parents’ basements. And that’s one of the unflattering Millennial facts that we have to admit is true. During the spike of COVID-19 in 2020, the number of Millennials living with their parents surged to 52%.
The previous record-holder was the year 1940, when 48% of US youngsters chose not to move out from their parents’ homes.
Millennial Marketing Statistics
The stereotypical Millennial image is straight out of a meme—a broke and incurable narcissist in the throes of procrastination. But is that really the case?
Let’s find out.
8. A typical Millennial spends $47,256 per year.
65% of the MTV Generation noticed a positive upsurge in their income during the pandemic, which spells good news for the market.
Yet, over-eager corporations, beware. 83% of Millennial consumers prefer to buy from brands that match up with their value system.
Millennial consumer statistics are also breaking the stereotypes. During recent lockdowns, Gen Y males could be seen more often on the digital prowl for material goods compared to Millennial females. And they spend more when online shopping, too.
9. 67% of Millennial buyers opt for online purchases.
Millennials’ shopping habits show an unsurprising tendency towards the digital realm.
In fact, around 81.3% claim they make online purchases on a monthly basis. Going to an actual store to buy something seems to be done only when it’s strictly necessary—that is, on the rare occasion when Amazon doesn’t have it.
10. What do Millennials spend all their money on?
(Source: Influencer Marketing Hub)
80% of Gen Y prefer to lavish themselves on food. Grocery shopping topped the list in 2020, followed by eating out and getting takeaway.
Even during the pandemic, half of Millennials dined out at least once a week. Not to mention that grocery and food delivery apps saw quite an increase in popularity.
Other common Millennial expenses include car maintenance, alcohol, and clothing—though some of these decreased in 2020.
11. US Millennials spend more and save less.
Millennial facts reveal that the average savings account housed $51,300 in 2021. For comparison, Boomers have saved $102,400 on average.
Gen Z boasts an average personal savings of nearly $36,000, which is fairly impressive considering the eldest Zoomers are just 24 years old.
12. For most Millennials, online reviews hold more authority than whatever a shopping assistant has to say.
Millennials stats reveal that 83% of them are not scared of security breaches when shopping online (even though they should really take more precautions or, at the very least, invest in a good antivirus).
But, no—what seems to send Millennials into cold sweat is… the lack of reviews.
Yes, you read that right. Only 2/10 Gen Yers will make a purchase without checking at least one review. The rest will peruse what other clients have to say about the product or service and make up their mind accordingly.
So, investing in a reputation manager might be worth considering if you’re looking to expand your business.
13. How much power do Millennials really have?
It really depends. Are we talking Fortnite Hype Points or real-world serious stuff?
Joke aside, by 2030, the total generation’s purchasing power will likely go beyond $4 trillion.
In the US alone, 80 million Gen Yers totalled a buying power of $1.4 trillion in 2020.
Millennials in the Workplace
Millennials are often touted as the first generation in a while to realize that life outside work exists. And better yet, they’re well known for trying to combine their professional path with their pastimes and passions.
Let’s take a look into the Millennial working life.
14. 60% of Gen Yers see themselves as entrepreneurs.
And they’re not entirely mistaken. Small business stats suggest that the newer generations (Gen Y and Z) are nearly 200% more likely to start their own venture, whereas older generations were content to stay at the same job for longer periods of time.
Furthermore, based on Millennial entrepreneurs statistics, Gen Y is the fastest-growing demographic in terms of business ownership.
15. Only 30% of Millennials are actively working.
And this generation seems undaunted by the prospect of being out of work. Millennial statistics suggest that 55% of Gen Y do not take an active part in the workforce, whereas 15% are entirely disengaged.
We at Web Tribunal would take this stat with a pinch of salt, though.
The times have changed and companies’ work practices have changed, too. Outsourcing, freelancing, consulting, volunteering, and, of course, remote working are much more common than they used to be a decade ago—for better or for worse.
So, although Millennial statistics in 2022 suggest that less than a third of an entire generation is actually working, well…it all depends on how we define “actively working.” We know, for example, that freelancing platforms are more popular than ever.
16. Millennial workers are engaged only if their interest is piqued.
(Source: Center for Creative Leadership)
Let’s face it—Millennials get bored easily. As the first generation to be exposed to the wonders of the digital world, the MTV Generation enjoys challenge and change alike.
This sentiment might explain the latest Millennial work statistics. Around 21% have been job-hopping over the past year, and 62% said they would not turn down a new role.
17. Gen Yers spend on average two years and nine months in one job.
(Source: Yahoo! Finance)
For comparison, their predecessors would spend five years and two months in the same workplace. Boomers, on the other hand, dedicated eight years and three months to a single position.
On the other hand, the new workforce generation averages just two years and three months, which is surprisingly close to the Millennial number.
The Millennial turnover rate also comes at a steep price. Estimates suggest that it costs the US economy $30.5 billion per year.
How Many Millennials Are There in the World?
Exactly how many of them are roaming around?
Do Millennials run the world (for now)?
18. Millennials now comprise 23% of the world population.
(Source: World Economic Forum)
By the end of 2021, Millennials numbered 1.8 billion across the globe, with Asia alone housing a quarter of this total. The Millennial population in the US equals over 70 million, overtaking all other age brackets.
This makes Gen Yers the most populous adult generation in 2022.
19. The Millennials age range in 2022 is 26-41.
(Source: Beresford Research)
Age is just a number, right?
Funnily enough, 65% of the older Millennials would rather move out of their parents’ basement than admit to their adult status.
In fact, 13% believe themselves qualified for the “younger Millennials” division, and 22% wrongly envision themselves among the ranks of Gen X.
20. Millennials have some wild ideas about “middle age.”
(Source: Fast Company)
It is daunting to realize adult jokes are not as fun when those first gray hairs start sprouting on your head.
One of the most unsurprising Millennial facts is that the MTV Generation, in true human nature, refuses to let their golden years go. The younger cohort believes middle age starts from 35 and lasts until 50. Older Millennials are pushing the boundaries even further and prefer 40 as the new start age.
21. For Millennials, 30 is the new 20.
(Source: the ascent)
In 2019, Millennial males tied the knot at 30 years old (on average) while females walked down the aisle at 28. In 1968, Boomer men and women took their vows approximately seven years earlier.
But that’s not all—Millennials are buying homes in their mid-30s. They’re responsible for more than half of new mortgages in 2020.
The Millennials stats above prove that Gen Y has overtaken Boomers and post-Boomers in education, financial power, and tech grasp. Until Zoomers come into their late adulthood stage, Millennials’ might will continue to dictate the terms on the consumer market and cultural arena.
If you’re a member of the MTV generation, next time someone says you’re middle-aged, just visit the local Renaissance faire and relish in some knightly jousting and honey mead.
That’s one middle age we can all safely enjoy.
Unaware that life beyond the internet exists, Nick is poking servers and control panels, playing with WordPress add-ons, and helping people get the hosting that suits them.