The report measured more than 60 brands that are engaged in advertising to Millennials, finding that the average budget allocated to marketing to Millennials (36%) on mobile is 15% higher than the average millennial’s actual consumer spending (24%).

However, Millennials and Gen-xers account for nearly half of all consumer spending.

According to research consultancy TNS, the average Millennial with Internet access and a smart device spends a little over three hours a day on that device. That’s 47 days a year. In addition, 76%of the 16-30s watch online video on a daily basis, while 71% use social media.

Other research highlights different numbers, but the fact remains that Millennials' inordinate amount of time spent on their devices makes them an extremely attractive market for advertisers to try to reach.

2016 looks to be a year where spending will continue to increase, as brands find their voices in the medium. Snapchat, for instance, commanded $750,000 for brands to place ads last year. It has been building its “micro-moments” platform, offering audience bundling to advertisers, and geo-targeting features as well.

Other apps have taken similar tacks as their popularity among millennials increases.

Millennials are also starting to get on their feet financially since the recession, buying one in four new cars in 2015, according to JD Power and Associates. Many auto brands are adjusting their tactics to reach new markets through digital and mobile means.

The market remains strong as brands and advertisers continue to tweak their budgets strategies on mobile.