Millennials will lead global ecommerce spending in 2023, study
Millennial consumers prefer online versus in-store shopping, according to new data released today by ESW, the world’s leading global direct-to-consumer (DTC) ecommerce company.
In its most recent Global Voices Survey, more than 27% of Millennial shoppers say they will spend significantly more online and less in-store this year across categories including health & beauty, luxury, apparel & footwear, and consumer electronics. The study also revealed that nearly 73% of Millennial shoppers plan to spend the same or more online in 2023, which will make this cohort the leader in global ecommerce spending this year.
“The Millennial consumer remains fully committed to their preference for online shopping over physical retail,” said Patrick Bousquet-Chavanne, President and Chief Executive Officer, ESW Americas. “Millennials’ spending power has grown to $2.5 Trillion, and they are not yet even in their prime earning years. 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’s sample pool of more than 16,000 respondents across 16 countries comprised international shoppers across all demographics. It was further analyzed based upon shoppers who pay full price as well as “power shoppers”, or those who have spent $2500 or more online in the last 12 months.
