New research by the Retail Technology Show (RTS) revealed that Millennials in the UK have become the fastest growing demographic for social commerce purchases. This is in sharp contrast to popular belief, which assumed tech-savvy Gen Z to be the leading social shoppers in the nation. UK Millennials who participated in the study showed an affinity for Facebook, Instagram and TikTok, while Gen Z shopped with more frequency on Roblox.
Social commerce in the UK is expected to more than double by 2028, according to a report released by TikTok in partnership with Retail Economics, growing from £7.4 billion to almost £16 billion. This guidance would equate to social commerce comprising 10% of the total online commerce market, a rate that is increasing at four times that of overall ecommerce sales.
This trend is also giving rise to the term “community commerce,” which leverages the power of engagement in online communal spaces to drive shopping.