At least when it comes to their online purchasing habits, millennials have huge aspirations for the upcoming year.

According to a survey by ESW, a global direct-to-consumer company that aids retailers in expanding DTC channels, over 27% of millennials intend to spend “much more” online and less in-store this year.

For experts trying to predict who will win the pandemic-era tug of war between brick and mortar retailers and online buying, it’s an important update. Early in the epidemic, there was an unheard-of online shopping boom, but now that brick-and-mortar establishments have reopened, in-person shopping is poised for a comeback.

Nonetheless, millennials—those who are currently between the ages of 25 and 40—seem prepared to remain with online shopping: According to a 73% response rate, millennials intend to spend “the same or more” this year on the internet.

Just 15% of millennials overall claimed they would cut back on their online spending in 2023.

Interestingly, according to the survey, which questioned 16,000 people in 16 countries, millennials differ from earlier generational cohorts in numerous important expenditure areas.

In comparison to the younger Gen Z, a generation that is specifically influencing the beauty business, over 50% more millennials expected to boost their online spending on health and beauty products.

According to the report, millennials also intend to buy more luxury goods online this year than Gen Z, Gen X, and baby boomers combined.

According to Patrick Bousquet-Chavanne, CEO of ESW North Americas, the passion for online shopping is particularly noteworthy given the relative young of millennials, a generation that isn’t yet “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,” Bousquet-Chavanne said.

(Adapted from Latestly.com)

Categories: Economy & Finance, Strategy, Sustainability, Uncategorized