5/27/2023 0 Comments Gigeconomy online statistics![]() ![]() ![]() (21)ĭespite the overall levels of concern, most Millennials and Gen X consumers shifted their day-to-day work, leisure, and shopping activities to the online space as the PYMNTS report says. 45.1% of Bridge Millennials and 41.8% of Gen X Consumers Have Done So, Too. (Source: BCG) 47% of Millennials Moved Their Routines Online. Here’s why most consumers choose to curb their spending: (20)Ĭonsumer sentiment. (18)Ī BCG survey conducted in March 2020 also shows that non-essential commerce is down: (19) (Source: McKinsey & Company Surveys) Consumers Are Saving 29% More and Spending Less on Discretionary Items. In particular, most of the surveyed households plan to cut down their spending by at least 50% in the following categories: (16)Īmong the more positive online business trends is the fact that most consumers plan to spend 30%-to-50% more on the following goods and services: (17)Īgain, this data is a strong indicator of the fact that people plan to budget and focus on in-home items, rather than all-around spending. In general, the data shows that most global consumers do not plan to increase their household spending over the next several months, especially for non-essentials. Another survey suggests that 74% of shoppers avoided malls for two weeks after store reopening. McKinsey analysts also believe that in the AF& L sector, a significant fraction of offline retail sales could permanently migrate online.Įven the Chinese luxury power buyers don’t rush back in stores. The overall consumer purchase is down by 70%-80% offline and 30-40% online across Europe and North America. Even in countries with milder quarantine measures, consumers feel reluctant to shop. Per McKinsey, the AF&L (apparel, fashion, and luxury) sector was hit badly (12). But not every retail vertical remains undisrupted. Consumers’ Intent to Shop Online Dropped by 30-40% in Europe and North America.Īs the previous data tells: eCommerce worldwide is gaining momentum. Despite gradual re-openings, a good fraction of consumers will likely stick with online shopping during the coming months. Now might be the best time to pivot or dial up eCommerce sales, especially if you are selling goods in the trending categories. In April, online purchases of wines, beers, spirits, and accessories increased by 74%. Somewhat unsurprisingly too, eCommerce alcohol sales are climbing up. Yet, the prices stayed in line with January-March 2019 levels (10). In April 2020, the US has seen a 110% increase in daily online sales (9). Groceries: Though most grocery stores remained open, consumers still largely switched to online shopping (8): PCs and laptops became more expensive in April 2020 due to demand. (6)Īs most companies sent everyone to work from home, the demand, and afterward, prices for work gear spiked. Despite the price increase, the sales are also up by 58%. Stay-at-home clothes are in vogue this season, unlike your regular garments: (5)Įlectronics: For the first time in 5 years, electronics prices in the US started climbing up. Still, online apparel sales increased by 34%. Plus, some of these US eCommerce statistics show a curious interplay of trends within the same category.Īpparel: Online prices for all apparel goods dropped by 12% in April 2020. Retailers in both essential and non-essential product categories have seen a good bump in sales. “Online shopping has become the primary means of commerce during COVID-19.” (3)īy April 2020, shopping online became the ‘new normal’ in the US. eCommerce Market Increased by 49% in April 2020, Compared to the Baseline Period in Early March 2020. The travel, events, and hospitality industries took the biggest hits, which also reflected on adjacent online businesses as the data indicates. ![]() A lot of consumers viewed the lockdown as an opportunity to pick up some well-overdue home improvement projects and hobbies. The swings in online transactions are not surprising. Rising in demand, compared to March 2019:ĭeclining in demand, compared to March 2019: With strict stay-at-home orders placed in most countries around the world, eCommerce has become the prime avenue for shopping in spring 2020.ĪCI Worldwide analyzed millions of consumer transactions from global retailers during March 2020 and identified the following spending trends: (2) In March 2020, Online Transaction Volumes in Most Retail Sectors Increased by 74%, Compared to March 2019. 2021 eCommerce Statistics and Shopping Trends ![]()
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