Retail Briefing: Millennial Shopping Habits, Consumer Boycotts & More

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Welcome to our retail insights briefing.

In this monthly email, we will curate the most important insights from our team of industry, political and economic experts and deliver them right in your inbox. Consider it your one stop shop for the data you need to know about the retail industry. 

Today, we’re digging into millennials’ shifting shopping behaviors as they hit midlife and how consumers respond (with their wallets) to CEO actions they like and dislike. Plus, we analyze what’s behind the wealthiest consumers’ frequent shopping habits and explore where brands should invest to target early tech adopters. 

Read on for recent insights into these topics and more, or download our full reports for a deeper dive.

Time-strapped millennials are increasingly using alternative shopping methods

The combination of greater financial success and life stage demands is making days progressively more hectic for millennials. Accordingly, they’ve shown an increased likelihood of turning to convenient methods of purchasing, even when they come at a premium. The share who say they shop online for groceries has increased by 12 percentage points since the start of 2022, and is 10 percentage points higher than the share of the general population who do so. There’s similar growth and differentiation from consumers as a whole amongst those who purchase via social media, which may be about convenience, but also speaks to an openness to (and disposable income for) impulse buys. Download the full report, Millennials at 40, for a deep dive into how the generation’s values, behaviors & spending have changed as they hit midlife.

CEO behaviors spur notable consumer action

Roughly equal shares of U.S. adults said they have taken rewarding or punitive action against a company because its CEO did something that they liked or disliked, respectively. Purchasing more or less from a brand is the most common consumer response, followed closely by telling friends or family to do the same. 

Overall, Gen Z adults, Democrats and high earners are the most likely to take any action in response to CEO behaviors. The tendency toward activist consumerism among these groups is a pattern that many Morning Consult analyses have identified over the years. Download our full report to see what Americans really think of CEOs, including a ranking of consumers’ favorite executives. 

Many young consumers used their tax refund to shop for clothes

Different generations had different approaches for how they spent their 2024 tax refunds. When asked if they spent any of their 2024 tax refund money on 13 categories, Gen Zers and millennials stood out as the only group where “yes” responses exceeded “no” for using their refunds on apparel purchases. They also showed a higher propensity to spend their refunds on groceries and eating out compared with Gen Xers and baby boomers. This pattern suggests that while most Americans reserved their refunds for financial obligations, such as bills and paying down debt, the younger generations also used some of their tax refunds to splurge on discretionary goods and services. Download our full report to see how different generations spent their tax refunds. 

High earners shop, travel and order food more often than the average consumer

High earners, American consumers that make a minimum annual household income of $250,000, have a rosy consumer outlook and spending power which supports more frequent online shopping, leisure travel, and using meal delivery services compared with the general public. For example, high earners are 7 percentage points more likely to say they shop using a mobile app or website “a few times a week” compared with U.S. adults. 

Status is likely a factor influencing their frequent shopping. When asked if they agree with the statement “I strive to achieve a high social status,” 43% of those in this cohort agreed, versus 27% of the general population. Download our full report, The Behaviors, Attitudes and Favorite Brands of the Wealthiest Consumers, to learn more about what drives them and where they spend their time online.

Up to 1 in 5 Western European consumers in key markets say they have boycotted in the last year

International consumer boycotts are having a moment. They are certainly not a new tactic, having been used to punish countries for their foreign policy, air religious grievances, and pressure companies to take ethical stances that consumers favor. But with social media and political polarization spreading the reach and heightening the tenor of the conversation, they are very much in the public eye in recent years. 

In a quarterly survey of the five largest Western European economies — France, Germany, Italy, Spain and the United Kingdom — we find that French consumers are the most likely to say they have boycotted a foreign brand in the preceding 12 months, with 1 in 5 claiming to have done so, followed by German and U.K. consumers. Read more to see why Europeans are boycotting U.S. companies (it's not only about tariffs).

Where to target early tech adopters

Retail brands targeting early tech adopters should throw their weight into social media campaigns, as this cohort uses them quite heavily. In particular, they’re more likely to use X (formerly Twitter, +17 percentage points), Instagram, TikTok, Snapchat, Reddit and WhatsApp (all +14 percentage points). 

They tend to follow accounts that help keep them ahead of trends, particularly gaming experts, chefs and food personalities, brands, and athletes. While on social media they also tend to watch live streams more than the general public (+11 points). Brand partnerships with streamers offer an opportunity to capture this engaged audience. They’re not just getting more screen time on their phones on social channels, this group is also more likely to use every streaming service included in the Morning Consult Audience data set. Read more about who the early tech adopters are. This analysis includes a ranking of this group’s standout brands. 

Want more insights? Dive into additional analysis from our team of experts below.

• U.S. Consumer Spending Tracker: A detailed assessment of U.S. households’ self-reported expenditures as well as spending allocation. 
• Navigating the Trump Era: Corporate Engagement in 2025: What brands need to know about consumer demand for corporate engagement during Donald Trump's second presidency.
• U.S. Consumers Remain Relatively Unscathed by Tariff Drama (So Far): Despite tariff and trade deal whiplash, consumers have faced minimal inflation impacts so far, helping to anchor future expectations for price increases.