Millennial consumers prefer online shopping to in-store, according to new data just released by ESW.
More than 27% of millennial shoppers say they will spend significantly more online and less in-store this year in categories such as health and beauty, luxury, apparel and footwear, and consumer electronics.
The study also reveals that nearly 73% of millennial shoppers plan to spend the same or more online in 2023making this group the global driver of online shopping this year.
“The millennial consumer remains determined to prioritize online shopping over brick-and-mortar retail. Millennials’ purchasing power has surged and they are only at the start of their working lives.
This generation spends more online than in-store across multiple categories, and these results tell brands they need to continue to evolve, improve, and optimize their e-commerce to attract and retain this growing demographic. powerful. »
says Martim Avillez Oliveira, ESW’s Chief Executive Officer for Europe and the UK
The survey sample of more than 16,000 respondents in 16 countries includes international buyers from all demographic groups. The analysis was conducted against buyers who pay full price as well as the biggest buyers or those who spent $2,500 (that’s over €2,300) or more online in the past 12 months.
The main results of the study:
- Millennials will increase their online spending nearly 50% more than Gen Z for health and beauty products, and 42% more than Gen X and Baby Boomers.
- 27% of Millennials will spend more on luxury goods online in 2023, compared to 20% of Gen Z, 22% of Gen X and 21% of Baby Boomers.
- Compared to baby boomers, 77% more Millennials will increase their online spending on clothes and shoes.
- 25% of Millennials will spend more on consumer electronics like phones, games and software, compared to 19% of Gen Z and Gen X respondents, and just 13% of baby -boomers.
A closer look at the spending of the largest customers – or “Power Shoppers” – reveals:
- More Baby Boomers (35%) will spend more on health and beauty products online, compared to Gen Z (18%), Millennials (32%) and Gen X (24%) ).
- When it comes to the most powerful luxury buyers, 52% more Millennials will increase their spending compared to Gen Z and nearly 23% more than Gen X and Baby Boomers combined.
- 29% of Gen Y heavy shoppers, compared to 21% of Gen Z, 23% of Gen X and 27% of Baby Boomers, will spend more on clothes and shoes online.
- When it comes to electronics, 32% of millennial heavy consumers will spend more, 21% for Gen Z, 24% for Gen X and 29% for baby boomers.
For buyers willing to pay full price – or “ Convenience Shoppers », the study reveals:
- Nearly 70% of millennials will spend more online for full-price health and beauty products compared to Gen Z, 50% more than Gen X, 80% more than baby boomers.
- 28% of Millennials will spend more on full-price luxury purchases online this year, compared to 17% of Gen Z, 25% of Gen X and 19% of Baby Boomers.
- For full-price shoe and apparel purchases online, 20% of Millennials will spend more this year, compared to 14% of Gen Z, 15% of Gen X and 11% of Baby Boomers.
- 24% of Millennials will spend more on full-price consumer electronics purchases this year, compared to 14% of Gen Z, 20% of Gen X and just 8% of Baby Boomers.
Methodology :
ESW’s latest consumer survey, “Global Voices was conducted in late 2022-early 2023 among 16,557 consumers in 16 countries (Great Britain, France, Germany, USA, Canada, Mexico, South Africa, United Arab Emirates , India, Italy, China, South Korea, Japan, Spain, Switzerland and Australia), in December 2022. at 40, Generation X, 41 to 56, and Baby Boomers, 57 to 75.
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