According to a recent study from the Retail Technology Show (RTS), millennials are now the group with the fastest rate of growth in social commerce purchases, surpassing Gen Z. As per the report, which polled more than 1,000 UK consumers, Millennials now spend more money on social media sites like Facebook, Instagram, and TikTok than Gen Z.
In the last year, Gen Z consumers made 20 purchases on TikTok, while Millennials made an average of 21. Additionally, Millennials spend more on Instagram (19 purchases versus 18) and Facebook (20 purchases versus 14) than Gen Z.
According to the research, Millennials’ spending on social media has increased dramatically, with transactions made on Facebook, Instagram, and TikTok up 36 per cent annually.
RTS event director Matt Bradley noted that the growth of social media channels is well-documented and shows no signs of slowing down. As consumers continue to crave content-driven commerce, a new group of “TikTok made me buy it” shoppers has emerged, becoming an increasingly important segment that retailers aim to engage.
