Millennials globally plan to shop more online in '23: ESW survey

28 Mar '23

3 min read

Pic: Shutterstock

Millennial consumers across the globe prefer online shopping over in-store shopping, according to a recent survey by ESW. More than 27 per cent of millennial shoppers plan to spend significantly more online and less in-store in 2023 for products, including luxury items and apparel and footwear.

The survey involved more than 16,000 respondents across 16 countries, including international shoppers across all demographics. The findings showed that nearly 73 per cent of millennial shoppers plan to spend the same or more online in 2023, making them the leader in global e-commerce spending this year.

Among the key findings, 27 per cent of millennials plan to spend more for luxury goods online in 2023, compared to 20 per cent of gen Z, 22 per cent of gen X, and 21 per cent of baby boomers. Furthermore, 77 per cent more millennials will increase their online spending for apparel and footwear versus baby boomers, as per ESW’s Global Voices consumer survey.

A deeper dive into ‘power shopper’ spending showed that 52 per cent more millennials will increase their spending on luxury goods compared to gen Z and nearly 23 per cent more than both gen X and baby boomers. Furthermore, 29 per cent of millennial power shoppers, compared to 21 per cent of gen Z, 23 per cent of gen X, and 27 per cent of baby boomers, will spend more on apparel and footwear online.

Among ‘convenience shoppers,’ or those willing to pay full price, the data revealed that 28 per cent of millennials will spend more on full price online luxury purchases this year compared to 17 per cent of gen Z, 25 per cent of gen X, and 19 per cent of baby boomers. For full price footwear and apparel purchases online, 20 per cent of millennials will spend more this year versus 14 per cent of gen Z, 15 per cent of gen X, and 11 per cent of baby boomers.

“The millennial consumer remains fully committed to their preference for online shopping over physical retail,” said Patrick Bousquet-Chavanne, president and chief executive officer, ESW Americas. “Millennials’ spending power has grown to $2.5 trillion, and they are not yet even 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 optimise their e-commerce to attract and retain this increasingly powerful demographic.”

Macy’s, Inc has also implemented a rigorous phased approach to provide confidence the company has thoroughly vetted sustainable claims in both production operations and private brand products.

Fibre2Fashion News Desk (DP)