The study — Millennial Spending: Accounting for Global Differences — offers a detailed look at how this group spends its money now, and how its expenditures will change in the years to come. Due to data availability, this piece focuses on Millennials who were between the ages of 20 and 29 in 2012.

By 2022, average annual expenditure by U.S. head-of-household Millennials is expected to rise to about $124,000, nearly double that of 2012, making them the biggest spenders among their age group globally, according to the report, which cites figures from Euromonitor International. Annual Millennial household-head expenditure in Canada, in contrast, will rise by just 9 percent from 2012, to $75,000 in 2022. Europe’s Millennials will increase their expenditure by 18 percent, to just above $53,000.

U.S. Millennials will allocate a much lower proportion of their spending to apparel and footwear in 2022 — by which time they will be between the ages of 30 and 39 — than they had allocated 10 years earlier, but they will also be spending more on leisure, recreation and dining. Millennials in Europe and China, too, will be spending more on such leisure activities, while those in Canada, Latin America and the Asia-Pacific will lower their allocation to this category.

“The Millennial age group is steadily rising in importance to our industry,” said Jean Lambert, vice president of research at ICSC, “and it is critical that we track the steady evolution of its shopping habits in every major global market.”

The full report is available here.