[UK, 24/04/2023]. The year ahead holds big plans for millennials when it comes to their e-commerce experiences. A recent survey revealed that over 27 percent of millennials plan to increase their online purchases and significantly lessen their in-store splurges.

Survey Respondents

The survey was conducted with a sample pool of 16,000 individuals from sixteen different countries. It included all types of international shoppers and was analysed in terms of those who typically pay full-price and "power shoppers," or people who spent over $2,500 online within the past year.

Spending on Various Categories

Millennials will drive global e-commerce spending as they allocate substantially more across categories such as health & beauty, luxury goods, apparel & footwear, and consumer electronics. The study further showed that a whopping 73 percent of millennial customers intend to expend the same or even greater funds online in 2023 compared to previous years.

Millennial Consumers

Boasting a spending power of $2.5 trillion and still not in their prime earning years, millennial consumers heavily favour e-commerce over physical retail– which is no surprise as it's proven to be where they spend most. Brands must evolve, improve, and optimize their digital presence to stay competitive with this increasingly influential demographic. With online shopping dominating several categories among millennials, companies have an incredible opportunity that should not go unnoticed.

Luxury Items

Millennials plan to splurge on luxury items more than any other generation, as nearly 15 percent said they'd be increasing their online spending in 2023. When it comes to health and beauty products specifically, the younger Gen Z is being significantly outpaced by the older millennial cohort, with an almost 50 percent greater increase in expected purchases this year. These trends reveal that millennials are particularly influential in shaping today's digital-first society— especially within the ever-growing realm of e-commerce.

Power Shoppers

Baby boomers are the biggest power shoppers when it comes to health and beauty products online, with 35 percent willing to spend more compared to millennials at 32 percent, Gen X at 24 percent, and Gen Z at 18 percent.

When it comes to apparel and footwear, millennial power shoppers come out on top at 29 percent, followed by 27 percent of baby boomers, 23 percent of Gen Xers, and 21 percent of Generation Z. As for online consumer electronics purchases, 32 percent of millennial power shoppers will put forth extra cash compared to 24 percent from those in Gen X, 29 percent from the baby boom population, and a meagre 21 percent coming from Gen Z.

About E-Commerce Express

E-commerce Express is a sourcing and third-party logistics order fulfilment company in China. The company's cohesive bilingual team takes the hassle out of product sourcing and e-commerce fulfilment, providing an efficient and budget-friendly service at every step.

Learn more about their services at https://www.ecommerce-express.com/.