Online shopping has become hugely popular because so many physical retailers now have online stores available, and you can find a variety of products online from all over the world, giving you access to even more things than ever before. Plus, it is easy to find discounts that you can use online to save money.
In addition to shopping online, mobile shopping has also become increasingly popular, especially amongst young people. This has led to an increase in impulse buying. Keep reading to learn more.
How Much Are Young Shoppers Spending?
Young shoppers are taking advantage of mobile technology to do their shopping on the go, spending an average of £3,736 on impulse purchases each year. This is 50 percent more than what people over the age of 55 are spending, according to a survey that was conducted.
Millennials, who range from the age of 18 to 34, are considered a ‘have it now’ culture that enjoys spending money, and the convenient and fast apps that are easy to download, as well as the online payment methods and mobile services that they have access to, have allowed them to get what they want when they want it, so they don’t ever have to wait to make a purchase.
How Often People Shop
In terms of how often people shop impulsively, 27 per cent of young shoppers have stated that they make impulse buys at least once every week. This is compared to only 5 per cent of people over the age of 55. Researchers have also found that 48 percent of adults that use their mobile devices to shop will make purchases on impulse more often because the technology is always there.
What They Are Spending Their Money On
Young consumers will spend, on average, about £546 annually on drinking and dining. This is compared to just £414 that is spent by those over 55 years of age. The next most popular category is clothing and shoes, followed by holidays and flights, appliances and technology, and grooming and beauty items.
The Reason for the Impulse Purchases
No matter what they are searching for, 66 per cent of consumers have said that they are a lot more likely to purchase spontaneously when there is a mobile-friendly retail website available to them, or when they have convenient apps or pop-up notifications and fast delivery options.
Also, 13 per cent of millennials will make impulse buys just to be able to show off what they purchased on social media, as well as to keep up with family and friends. As retailers offer easier, faster, and even more convenient services and products, millennials want nothing but the best. And because millennials grew up with technology, they demand things instantly, making mobile shopping perfect for them.
Despite the many conveniences of shopping online and on your mobile device, however, you should bear in mind that these types of purchases can easily get out of hand. Keep your budget and bank balance in mind as you shop, as overspending is common. Also, you cannot actually dismiss on the main strategies you use like link building or social media marketing.