Social Media Purchases Will Triple By 2025: Accenture
Online spending via social media will be a A$1.7 trillion market by 2025, tripling in the next three as buyers routinely use their social media platforms to inform and drive their spending habits.
This is according to a new report by Accenture, who say the growth of the current A$682 billion will be due to the growth of Gen Z and millennial social network users, who will account for 62 per cent of the industry by 2025.
“The pandemic showed how much people use social platforms as the entry point for everything they do online — news, entertainment and communication.” said Robin Murdoch, global Software & Platforms industry lead at Accenture.
“The steady rise in time spent on social media reflects how essential these platforms are in our daily life. They’re reshaping how people buy and sell, which provides platforms and brands with new opportunities for user experiences and revenue streams.”
59 per cent of social media buyers did so to support small local businesses, with 63 per cent indicating they would shop through the same vendor again.