Brands
Millennials at 40: Values, Behaviors & Spending at Midlife
Report summary
Millennials were in their childhood and teenage years when 9/11 upended the country, entering the workforce when Great Recession triggered mass layoffs and financial decline, and becoming parents when the COVID-19 pandemic prompted social isolation and increased childcare burdens. Now as they stand to face even more uncertainty and turmoil in their peak earning years, brands need to understand how they're evolving and what they expect of the companies they buy from.
Morning Consult’s report Millennials at 40: Values, Behaviors & Spending at Midlife explores the evolving preferences, behaviors and expectations of this key consumer group. Based on a combination of monthly industry surveys and data from Morning Consult’s Intelligence platform, this report provides insights into how Millennials are thinking, acting and spending as they approach (and reach) middle age.
Key Takeaways
- Millennials’ financial picture is becoming rosier after years of falling behind, but they balance optimism with caution — the share of those who said their personal finances would be better off next year still hasn’t recovered to pre-pandemic numbers.
- Urban living is increasingly popular with millennials. This generation is bucking the trend of past adults, who preferred the calm of the suburbs once they had children.
- Millennials are frequent shoppers in discretionary categories, making more purchases in home décor, adult beverages, and travel (among other things) than other generations.
- Older and younger millennials are divided by life stage, but also outlook and behavior. Having come of age under different circumstances, younger millennials are more optimistic and digitally-engaged.
Methodology
Research featured in this report draws from several data sources:
- Morning Consult’s Intelligence platform
- Morning Consult’s food and beverage tracker, conducted Mar. 28-30, 2025, among 2,229 U.S. adults
- Morning Consult’s retail tracker, conducted Mar. 28-30, 2025, among 2,229 U.S. adults
- Morning Consult’s travel and hospitality tracker, conducted April 1-4, 2025, among 2,220 U.S. adults
The interviews were conducted online, and the data was weighted to approximate respective populations of adults based on gender, educational attainment, race and region. Top-line results from all surveys have margins of error of up to +/-2 percentage points.
About the author
Lindsey Roeschke is an analyst whose work focuses on behavior and expectations of consumers in the travel & hospitality and food & beverage categories, particularly through a generational and cultural lens. Prior to joining Morning Consult, she served as a director of consumer and culture analysis at Gartner. In addition to her research and advisory background, Lindsey has more than a decade of experience in the advertising world. She has lived and worked in seven cities across four continents.
