In the commerce and e-commerce sector, there is a lot of tradition and getting used to it that comes into account as well. You must have seen that your grandparents and your parents have been advocating for you to shop offline whether it is traditional shops or shopping malls for that matter. However, you might be more used to shopping online and you have a good reason to do that as well. Also, the fact that most times you get better discounts online compared to offline is an advantage as well. But still, you must have heard your parents say that this online shopping is not sustainable.
That is what this new study suggests as it notes the trend in e-commerce going forward. According to a survey from ESW, 27% of millennials plan to spend “significantly more” online and less in-store this year compared to last year. It is to be noted that e-commerce is also a habit-forming exercise where you get used to online shopping and then you can’t even imagine shopping offline. This is what millennials, people who fall in the 25 to 40 age category, said in the survey. 73% of the millennials said that they will spend the same amount or more this year on online shopping.
Only 15% of millennials said that they want to spend less this year on online shopping. Among the e-commerce categories where millennials wanted to spend more, this included the health and beauty products. They also want to spend more on luxury products this year. CEO of NSW Americas said “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 ecommerce to attract and retain this increasingly powerful demographic,”
The survey also notes that people who really are not “into their prime earning years” want to spend more which is a good sign for the time to come for this sector because the spending will eventually increase. However, the survey also notes that millennials want to spend more on luxury products compared to Gen Z, Gen X, and Baby Boomers possibly because of their earning capacities.
