Global e-commerce spending will be led by millennials this year and they prefer online versus in-store when it comes to shopping.
Those are top findings from an ESW Global Voice survey that revealed more than 25% of millennials will spend more online this year when it comes to health, beauty, apparel, consumer electronics and luxury items.
The study also revealed nearly 73% of millennial shoppers plan to spend the same or more online in 2023, which will make this cohort the leader in global e-commerce spending this year, according to a press release on the findings..
“The millennial consumer remains fully committed to their preference for online shopping over physical retail,” Patrick Bousquet-Chavanne, president and CEO, ESW Americas, said in the release. “Millennials’ spending power has grown to $2.5 trillion, and they are not yet even in their prime earning years. They are spending more online than in-store across several categories, and these results indicate that brands must continue to evolve, improve, and optimize their e-commerce to attract and retain this increasingly powerful demographic.”
The survey’s polled more than 16,000 respondents across 16 countries comprised international shoppers across all demographics.
Additional findings include:
See the full report of ESW: https://esw.com/wp-content/uploads/2022/01/global_voices_2022.pdf