- One in five Millennials and Gen Z shoppers are buying on social media every week
- Around nine in 10 don’t even plan their impulse purchases
- There’s still some hesitation around spending big
Millennials and Gen Z are making more impulse buys than older buyers, and lower-cost items are emerging as their preferences, new research has claimed.
Social media-based shopping and weekly purchases also emerged as common traits, highlighting the scale of ecommerce among younger citizens, however their choice of platforms distinguishes Millennials from Gen Z shoppers, a report from GoDaddy has suggested.
To put it into perspective, one in five (21%) Millennial and Gen Z shoppers make several purchases each week on social media, with more than half of each age group shopping at least monthly.
Younger shoppers are impulse buyers
Alarmingly, only one in 10 (9% of Gen Z and 12% of Millennials) plan their purchases in advance, which shows us how powerful advertising can be and how reactive younger buyers are. Categories like clothing (37%), food (22%) and electronics (10%) were among the most popular.
There is still some hesitation, though. For example, 44% of Gen Z and 38% of Millennials won’t spend more than $50 when buying on social media.
In terms of preferred platform, there’s a clear divide between older and younger buyers, with more than half (52%) of Millennials buying from Facebook in the past three months, compared with 31% of Gen Z. On the flip size, 52% of Gen Z have bought from TikTok, with only 37% of Millennials trusting the platform for their purchases. Instagram was the second-most popular platform for both age groups.
The reason many buyers still choose not to spend their money on social media platforms is a lack of trust about a business’s legitimacy. Shipping concerns, high costs or long delivery times also put buyers off.
“Small businesses that have convenient, shoppable posts directly within a social platform will be a step ahead of the competition,” noted GoDaddy Trends Expert Amy Jennette. “Entrepreneurs need more than a social profile, otherwise they’re leaving money on the table.”