How millennials spend

In 2010, millennials were entering the labour market. In 2026, they are already the generation with the greatest economic weight in Spain: they are between 30 and 45 years old, hold many positions of responsibility and account for a growing share of consumption. Their behaviour as consumers has changed with maturity, but it still has its own traits that distinguish it from both Generation X and Generation Z. Looking at how they spend and how they pay today helps explain where the market is heading.

Who millennials are

Millennials, also known as Generation Y, are people born between 1981 and 1996. In 2026, they are between 30 and 45 years old. They are the first digitally native generation, the one that experienced the arrival of the smartphone during adolescence or early adulthood, and the one that has had to absorb the acceleration of generative artificial intelligence halfway through adult life.

Their entry into the labour market coincided with the 2008 financial crisis. That shaped their relationship with money: less confidence in traditional ownership, more weight given to flexible saving and greater openness to digital financial products, from interest-bearing accounts to cryptocurrencies. They are no longer the young generation: they are the generation with the strongest influence on purchases and household spending decisions.

The spending categories that dominate

Millennial spending is concentrated in five major categories.

The first is housing. In 2026, most European millennials are already homeowners or long-term tenants, and housing accounts for between 30% and 40% of their monthly budget in most urban markets.

The second is food, with a strong presence of food delivery and restaurant spending. The delivery ecosystem (Glovo, Uber Eats, Just Eat) grew directly on the back of this generation.

The third is spending on experiences: travel, leisure, cultural events, gyms and subscriptions to content platforms. Compared with Generation X, millennials prioritise experiences over the accumulation of goods.

The fourth is continuous learning. According to the Deloitte 2025 Gen Z and Millennial Survey, 64% of millennials in Spain develop skills to advance their career at least once a week, with direct investment in courses, certifications and online education platforms.

And the fifth is the financial category. Millennials are the generation that has most driven the move into lower-barrier investment products: index investment funds, ETFs, roboadvisors and cryptocurrencies. Around 30% of European millennials have had some exposure to the crypto market at some point, according to aggregated data from investment platforms.

The most common payment methods

Card payment dominates across all age groups, but millennials have been the group that has most accelerated the shift from physical cards to digital wallets.

Apple Pay, Google Pay and Samsung Pay are already the main payment method for a significant share of this generation in physical stores, and penetration grows every year. In online shopping, debit cards still lead, but PayPal, prepaid cards and payments directly from a neobank app are gaining ground.

Cash is now limited to residual uses: tips, small transactions in independent shops and local markets. The generation that still carried cash in its wallet is now Generation X.

In terms of channels, the mobile phone is central: checking balances, making transfers, authenticating payments with biometrics, managing subscriptions and controlling budgets all happen from the app. A growing share of this generation also uses methods such as the kakebo method to keep spending organised, adapted to digital life.

Emerging payment trends

Three trends have become established among millennials in recent years.

The first is deferred payment (Buy Now, Pay Later). Platforms such as Klarna, SeQura and Clearpay have grown at double-digit rates, driven by this generation, especially in fashion, technology and travel purchases. The model allows payments to be split into interest-free instalments in its standard format and is integrated directly into the checkout of thousands of online stores.

The second is the crypto wallet. Around one third of European millennials have had some exposure to the crypto market at some point, and some of them have adopted prepaid cards topped up with crypto to pay for everyday purchases without going through an exchange for every transaction.

The third is financial separation by account or card. It is common among millennials to keep a main account with a traditional bank, another one with a neobank for digital spending or travel, and a prepaid card for subscriptions or online purchases, with the aim of limiting exposure of their main banking data.

How they differ from Generation Z

Millennials and Generation Z share many digital habits, but they differ in specific economic decisions.

Millennials have reached the stage of life where major financial decisions are made: mortgages, children, pension plans, insurance. Generation Z (people born roughly between 1997 and 2012) is still in the early stages of the professional cycle, with a stronger presence of freelance or project-based work and greater openness to shared-income models.

In finance, Generation Z is more aggressive in its search for passive income, trading, early investment and audience monetisation on social media. Millennials, more consolidated, tend to lean towards long-term investment products, index funds and pension plans.

In consumption, Deloitte data shows that both generations prioritise sustainability (59% of millennials and 62% of Gen Z consider it a priority when buying), but millennials have greater real spending power to turn that preference into an actual purchase.

The millennial of 2026 is not the young consumer described in marketing guides ten years ago. This is a consolidated professional, with decision-making power over household spending, mature digital habits and access to financial products their parents did not know. Their behaviour sets the standard for today’s market and anticipates the trends that Generation Z is now adopting faster.

Frequently asked questions

Which years does the millennial generation cover?
Millennials are people born between 1981 and 1996. In 2026, they are between 30 and 45 years old and are the generation with the greatest economic and consumer weight in Spain and Europe.

What do millennials spend the most on?
The main spending categories are housing, food (with a strong presence of food delivery and restaurants), experiences (travel, leisure, subscriptions), continuous learning and financial investment (funds, ETFs, crypto).

What is millennials’ favourite payment method?
Cards dominate, but increasingly through digital wallets such as Apple Pay, Google Pay and Samsung Pay. In online shopping, debit cards lead alongside PayPal, prepaid cards and direct payments from a bank or neobank app. Cash now has a residual role.

Do millennials invest in crypto?
Yes, in a higher proportion than previous generations. Around 30% of European millennials have had some exposure to the crypto market at some point, either through direct investment or through prepaid cards that allow them to pay with cryptocurrencies converted into euros.

What is the difference between millennials and Gen Z in how they consume?
Millennials are at a more consolidated financial stage (mortgage, family, pension plans), while Generation Z prioritises flexible income, trading, audience monetisation and shared-income models. Both generations share a preference for sustainable brands, but millennials have greater real economic capacity to turn that preference into purchases.