It has recently emerged that consumer habits amongst Gen Z are changing, with many now turning to social media for retail therapy. Weighing in on this growing phenomenon of social media shopping, Nick Drewe, founder of the online discount platform Wethrift, offers his insights:
“We’ve seen a massive change in consumer habits since the rise of social media, with platforms such as TikTok, Instagram and Snapchat becoming online shopping hubs.
“Many of these popular platforms aren’t just used for social media anymore and instead have become a multipurpose platform for both users and creators.
“So much so that a recent study found 49.5% of online shoppers were influenced to buy a product because of social media creators and celebrities.
“The study targeted consumers aged 18 to 55 who use at least one major social platform at least once a week, where Snapchat has been revealed as the most popular social media platform to shop on.
“Results showed that Snapchat users outspend those on other platforms monthly across key categories, including:
- Apparel: +24%
- Beauty & Personal Care: +17%
- Speciality Items: +20%
- Household Goods: +143%
“Following closely behind Snapchat is Instagram, with 44% of Instagram users shopping on the platform weekly and 800,000 shoppers using Instagram on a monthly basis.
“Not only is Instagram now a heavily saturated platform for online shopping, but 70% of shoppers also use it for inspiration and influence to find new products to purchase.
“Another super popular app amongst Gen-Z for shopping is TikTok. It was revealed that social media users spend the most time daily on TikTok. By the end of 2024, TikTok Shop is expected to have 35.8 million users worldwide, with 58% of the 1.04 billion users having visited the store, making it one of the most popular social media sites for online shopping.”