Four in five (80%) of millennial shoppers now do most shopping online, up from 60% just three years ago, with 56% shopping mostly on a mobile device — a jump from 36% from 2019.
Those are top findings from the Millennial Shopping Habits Trend Report released by CouponFollow. The report focused on spending and saving habits of US consumers between the ages of 25 and 40.
“Since our last report in 2019, events such as the COVID-19 pandemic and the increased usage of social media platforms have greatly influenced how millennials approach spending and saving. The popularity of new payment methods, such as cryptocurrency and Buy Now, Pay Later purchasing options, have also shifted their spending habits.” Marc Mezzacca, president of CouponFollow, said in a press release on the study findings. “Our goal with this report was to revisit how these factors have impacted e-commerce trends and how millennials, as America’s largest generation, continue to shape the future of retail and e-commerce.”
Millennials have an annual spending power of $2.5 trillion. Nearly 73% changed how they shop due to the pandemic while more than half (56%) shifted their shopping online away from physical stores, especially among older members of millennials (35-40 years old).
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