Even As Stores Rebound, Millennials Plan To Stick With Online Shopping

March 24, 2023

minute read

At least with regard 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 among brick and mortar retailers and online buying, it's an important update. Early pandemic witnessed an unheard-of online retail boom, but now that brick-and-mortar establishments have reopened, in-person shopping is poised for a comeback.

‍

Yet, millennials—those who are currently between both the ages of 25 and 40—seem prepared to remain with online shopping; according to a survey, 73% of millennials indicated they intend to spend "the same or more" this year.

‍

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 items 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."

‍

These findings show that brands should continue to develop, enhance, and optimize their online presence in order to draw and keep this increasingly influential group, according to Bousquet-Chavanne. "They are spending more internet than in-store across a variety of categories," she added.