Are you looking to get insight into the mind of a typical Canadian millennial buyer? If so, these Canadian millennial spending statistics are meant for you.
To help you understand the shopping trends of millennials, we compiled a list of essential statistics about this diverse generation. Also, we made sure to answer all of your frequently asked questions at the end of these statistics.
The Top 10 Millennial Spending Statistics
- The combined approximate wealth of Canadian millennials is $237 billion.
- From 1995-2017, millennials’ net income grew to almost $14,400, or nearly 36%.
- Homeowner millennials’ after-tax income is more than double that of millennials who aren’t homeowners.
- In 2016, 25% of Canadian millennials were worth $9,500 each.
- Millennial homeowners in Vancouver and Toronto have a higher net worth relative to the rest of Canada.
- 1% of Canadian millennials prefer to spend their money on air travel.
- Over two-thirds of millennials will spend more on travelling than on exercise, wellness, health, and clothing.
- On their latest trip of at least seven nights, over 50% of millennial travellers spent $2,000 or less.
- 28% of Canadian millennials shopped online in 2019.
- When shopping, Canadian millennials value personalization.
Millennial Income Statistics
In the following sections, we have included general statistics on millennial income. We have primarily focused on differences between millennials, baby boomers, and Generation X-ers regarding revenue and finances.
1. In 2017, millennials accounted for only 12% of Canada’s rapidly-increasing spending on consumer goods.
In 2017, there were approximately 10.1 million millennial customers in Canada, comprising 27.5% of the total population. These millennial consumer statistics indicate that the nation has many millennials, but they spend less than other generations.
2. Millennials are earning more money than baby boomers and Gen X-ers did at their age.
According to millennial income statistics for 2016, Canadian millennials have a 32% higher median post-tax income than baby boomers and Gen X-ers. This percentage in 2016 equalled a median post-tax income of $44,093. On the downside, millennials deal with more debt at a younger age than the other two mentioned generations.
3. The combined approximate wealth of Canadian millennials is $237 billion.
Based on recent figures, millennial buying power in Canada is massive. Believe it or not, in a global survey of individuals between the ages of 18 and 35, Canada was chosen as the “Best Country” by millennials mainly due to high homeownership and job rates.
4. From 1995–2017, millennials’ net income grew to almost $14,400, or nearly 36%.
This percentage indicates that millennial Canadians have a stable average after-tax income. In comparison, baby boomers reached that amount between the ages of 55 and 64, and Gen X-ers got there between the ages of 40 and 49.
5. Homeowner millennials’ after-tax income is more than double that of millennials who aren’t homeowners.
According to stats on millennial income growth, the gap in wealth disparities of $591,807 in the top and bottom 10% of millennials were even more unbelievable. To compare, for Generation X, this figure was $289,686.
6. In 2016, 25% of Canadian millennials were worth $9,500 each, according to millennial income statistics.
On the flip side, the wealthiest quarter of Canadian millennials were worth a whopping $253,900. This difference was a lot smaller in the generation before. For instance, the lowest percentage of Generation X-ers was worth $6,220, while the wealthiest hit $126,900 in overall net worth.
7. Millennial homeowners in Vancouver and Toronto have a higher net worth relative to the rest of Canada, figures from 2016 show.
Millennial disposable income statistics show that a millennial Canadian living in Toronto had a median net worth of $145,000, while that number was $91,000 for a millennial living in Vancouver. For the sake of comparison, the median net worth of the average Canadian millennial was $70,600.
8. Millennials who have a university education also have a greater net worth.
The same 2016 statistics also unveiled that the median net worth of a Canadian millennial with a degree was $116,000, compared to $34,100 for Canadian millennials with high school education or less.
Millennial Travel Spending Trends
The following section features statistics and facts on how much the millennial generation in Canada spends on gaining new experiences via travelling.
9. 60% of millennials are considering at least two destinations for their travelling.
Data on millennial spending habits point out that millennials are the most indecisive generation when it comes to choosing a travel destination. This percentage may also indicate that younger Canadians are overwhelmed by the destinations they would like to visit.
10. Over two-thirds of millennials will spend more on travelling than on exercise, wellness, health, and clothing.
More and more millennials are “splurgetting,” which implies going on budget-friendly trips and splurging on experiences. This is one of the most prominent millennial spending habits — paying more for experiences and less for material things.
Not only do millennial Canadians spend more on travel than older generations, but they also travel more frequently. For instance, facts reveal that older generations usually opt for a single luxury trip yearly, whereas younger travellers take a couple of trips yearly.
11. 71% of Canadian millennials prefer to spend their money on air travel, based on Canadian millennial spending statistics.
(Expedia Group) (Destination Canada)
Compared to other generations, millennials are the least likely to go on vacation by car. Fortunately, this generation is skilled at finding the best flights at the lowest prices. For example, they know that the time of travel is essential for landing a good price.
12. When it comes to choosing transport and lodging, millennial Canadians are the most cost-conscious travellers.
However, the travel stats on the millennial spending power show that young Canadians tend to travel for extended periods, making their spending per trip substantial.
Since young grads and full-time students make up a large percentage of millennials, travel costs are a vital factor for them.
13. On their latest trip of at least seven nights, over 50% of millennial travellers spent $2,000 or less, based on millennial spending trends.
23% of young Canadian travellers who spent less than $1,000 are also included in these figures. In total, young travellers spend an average of $1,500 per trip within Canada.
Millennial Shopping Statistics
Millennials love to shop, be it selecting a gift for someone’s wedding or purchasing an exclusive treat for their pet. Read on to find out what millennials spend most of their money on and where their shopping habits lie.
14. 28% of Canadian millennials shopped online in 2019.
Based on millennial shopping statistics from April 2019 that analyzed 5,000 respondents in Canada, the generation that shopped the most online was baby boomers (37%), followed by millennials. Gen X-ers accounted for 25% of online customers, whereas Gen Z-ers and pre-boomers accounted for only 5%. As for the platforms favourited by millennials, statistics show that more than half of them flock to Amazon.
15. Millennials make 43 fewer trips to the store per year than the standard household in Canada.
Statistics in Canada indicate that, relative to other generations, millennials are the most positive about their financial condition. Being financially confident, though, doesn’t mean more shopping.
Based on these millennial purchasing power facts, we can deduce that retailers and distributors, such as Walmart, Costco, and many others, are less likely to capture millennial shoppers in stores and influence their shopping decisions.
16. Millennial Canadians, however, are paying more cash per trip than other generations.
More precisely, figures from 2018 show that $55.45 per shopping trip is invested by millennial consumers. This figure reflects an increase of $2.11 compared to the year before and over $7 above Canada’s average.
17. Statistics about millennial women shopping reveal that 40% of millennial women in 2013 said they looked for work-appropriate clothing.
Of the $2.1 billion Canadian women’s wear-to-work market, millennials accounted for almost one-third of purchases, based on stats.
These 2013 stats also indicate that 35% of millennials had not expected to buy work clothes, but still found a few items they liked. Also, 25% intended to purchase office clothing, but it was not their primary reason for going to stores.
Millennial Consumer Trends
Trends come and go, though some stay longer than others. Let us find out what the statistics show about the shopping trends of millennials in Canada.
18. When shopping, millennials in Canada are often affected by what they read on a product online.
Searching for popular products and shopping via mobile phones are among Canada’s critical millennial market trends. These millennial buying trends indicate that retailers need to reinvent their products quickly and constantly to catch millennials’ interest.
19. When shopping, Canadian millennials value personalization.
On-demand shopping and a personalized experience are some of the main millennial trends from 2020.
To personalize the shopping experience for consumers, retailers are regularly using shopping history data and customer data. Additionally, by offering services such as same-day shipment, some brands are taking full advantage of the growth of digital shopping.
20. In Canada, younger customers are slowly showing greater interest in fitness and wellbeing, according to millennial buying behavior.
For this cause, in the Canadian market, businesses and products that support this philosophy are being greatly favoured.
Also, food items with dietary limitations have been one of Canada’s main rising millennial shopping trends for the 2020 market, but it has started years before — and will likely be around for years after.
Based on our extensive research, we can conclude that the Canadian youth has a passion for experiencing things, and this is where millennials spend too much money. Overall, the country’s new consumer economy is being developed by the millennial generation, and online shopping is a big part.
Finally, remember to share these millennial spending statistics with friends and family, and feel free to share with us your thoughts about this topic.
How much do millennials spend?
In 2019, Millennials spent a total of $18,428 on water, gas, lodging, electricity, and other necessities. After inflation changes, this number is 31.91% higher than the same expenses for Gen-X.
Why do millennials spend so much?
Overall, millennials’ spending attitudes in Canada reflect the generation’s preferences, including an emphasis on experience rather than material things, and a slow start in becoming homeowners and starting a family.
Why is it that millennials are struggling financially?
Overall, the lack of savings and sky-high student loan debts are thought to be the critical reasons millennials struggle financially. Nevertheless, statistics further reveal that millennials in Canada earn more money than previous generations did when they were in their twenties and thirties.
(Broadbent Institute) (Benefit News)
What do millennials spend the most money on?
As many as 58% of Canadian millennials are most inclined to spend funds on events, such as holidays, concerts, and dinners, based on statistics. What’s more, millennials are up for splurging on their pets just as much. Conversely, Generation Z Canadians would instead invest in gadgets and clothing.