In its third edition of Millennial Shopping Habits Trend Report, CouponFollow analyzed the shopping, spending and saving habits of American Millennials. The data showed that Millennials do most of their shopping online, and their increased social media engagement is a powerful driver of shifts in the ecommerce marketplace.
More than 70% of Millennials changed their shopping patterns because of the pandemic. Now, four out of five Millennials do majority of their shopping online, with more than half (56%) saying they shop on their mobile devices.
A significant portion of this shopping is happening because of social media interactions. More than two-thirds of Millennials (78%) say they now follow brands on social media, and more than half of those respondents (54%) reported that their shopping habits are most influenced by social media platforms like Facebook (28%) and Instagram (27%). For Millennials under 30, TikTok is the main social media platform shaping their shopping habits.
Millennials, who now represent the largest group of consumers in the market with $2.5 trillion in spending power, are telling the market how and why they buy. The power of influencers and social media marketing has become undeniable for this demographic and brands hoping to catch their attention should realize that relevancy means prioritizing innovate social media and ecommerce strategies.