It s prime time for 80 million millennials.
The largest generation in history is digital-first, and their mobile shopping habits and expectations are changing the way online companies need to earn the ecommerce ecosystem s most potent purchasing power.Millennials are leading the march toward a total disruption in purchasing trends — how, where, and why consumers buy.
In the United States alone there are about 80 million millennials, with a total purchasing power of $600 billion yearly.
And Accenture predicts that by 2020, their spending will grow by several magnitudes to $1.4 trillion, representing 30 percent of total retail sales in the United States.View the entire scrolling infographic — click on the image below.They re a force to be reckoned with, and an audience to harness appropriately as their digital spending overtakes IRL shopping.
Millennial insight firm YPulse found that while millennials shopped the most at mass merchandisers, online-only stores came in at a close second with 73 percent of 18- to 32-year-olds saying they had shopped online in the last 30 days.And they re probably using their phones to do it, given that 87% have their phones by their side every second of the day and reportedly, most of them sleep with it .
They re on mobile web and expecting to easily navigate responsive sites built for their ease of purchase, but mobile shopping apps are growing in popularity — nearly half of all 18-34 year olds have downloaded one.But they re not sticking to just one way to buy.