Millennials are transforming the retail environment rapidly and in some pretty unexpected ways. There are 80 million millennials in the United States—the largest living generation by population size.
Annually, they spend $600 billion shopping both online and in-stores—roughly 30% of the total amount spent in the U.S. on retail commerce last year. This is forecasted to be 35% of all retail spending by 2030. Without a doubt, their shopping habits have a significant impact on e-commerce.
This tells us a lot about the millennials’ shopping behavior—how they are increasingly turning to social media to execute their online purchases and the number of hours they devote each week to shopping related tasks, including researching features, comparing prices, checking out reviews, and placing their orders.
If you’ve got an interesting stat about millennial shopping behavior, please share it!