UK 15-24 year olds will spend £5.7bn online in 2014
New research has shown that young shoppers are set to spend £5.7 billion online in 2014.
However, the study by Verdict also warns that retailers need to rethink how they address young shoppers, who are far more likely to be engaged with social media and mobile devices.
Verdict said: “With e-retail more competitive than ever before, even as it grows to be worth £39 billion in 2014, targeting shoppers directly is essential, but the 15–24 year old age group is proving to be elusive.
“Unlike all other age groups, they prefer the privacy of the bedroom when shopping online instead of the more social setting of the living room, but are more engaged with social media, with 20% having purchased a product by clicking through Facebook, compared to the average of just 10%.”
The research shows that 15 to 24 year old shoppers are twice as likely to shop on-the-go with a mobile device as the average shopper, and they also buy more impulsively, with one in seven of their purchases made without any research.
However, consumers in the age group were found to be more loyal to high street retailers and that 31% of their purchases are researched in the physical stores of the retailers they buy online from.
Verdict said: “The varying successes of social media interaction and the changing role of mobile devices all prove that e-retail is forever evolving.
“Rather than being a channel that requires infrequent injections of investment, the speed at which customer behaviour is changing means that retailers must set aside budget to constantly adapt their online offerings, or risk always playing catch up.”
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