Millennials spend the most money

Millennials are outspending Gen Z, Gen X and Baby Boomers by more than 30%, according to a Global Voices study by ESW, a DTC e-commerce company.

The study, which surveyed 19,000 consumers worldwide, found that omnichannel shopping saw double-digit growth across luxury goods, consumer electronics, cosmetics, footwear and apparel, according to a press release announcing the study’s findings.

“While omnichannel shopping behavior has increased among most generations around the world, millennials – at the peak of purchasing power – have significantly outpaced other cohorts,” Martim Avillez Oliveira, chief revenue officer at ESW, said in the release. “This generation has made the most purchases, spent the most money and dramatically increased their use of omnichannel shopping.”

The study found that more than half (52%) of consumers are omnichannel shoppers who engage in any combination of the following behaviors: in-store browsing, online shopping; search online and buy in store; buy online, pick up in store; order online and return in store.

Additional arrangements include:

• On average, North American millennials spend more per year than all other generations.
• Nearly 60% of Millennials use multiple channels when making purchases, compared to 53% of Gen Z, 51% of Gen X and 46% of Baby Boomers.
• Millennials who shop omnichannel made an average of 43 online purchases per year – the most compared to other generations.
• Hybrid workers are more likely to shop globally across multiple channels (over 60%) compared to half of those working full-time in an office or home.
• Countries with the highest omnichannel customer penetration are the United Arab Emirates (65%); South Africa (65%) and India (65%). The countries with the lowest omnichannel customer penetration are Italy (43%), Japan (40%), and Germany (33%).