A new research report by Snap and Havas Media Network reveals the huge impact of social media on the buying habits of 'next gen' consumers.
The Next Gen Social Commerce Playbook explores how brands can meaningfully connect with Gen Z (aged 13 – 23) and Millennials (aged 24 – 34) in the social commerce space.
It found that 64 percent of Gen Z and Millennials bought via social media in the last year, 88 percent used social media to discover new products and 44 percent used it to evaluate items for consideration and purchase.
In the UK specifically, 40 percent of next gen shoppers say they purchase products directly from third party websites after being directed there by a social media app.
Other highlight findings include:
Nadav Geft, Manager of Global Agency Development at Snap Inc, said: "Social commerce has transformed the way we shop and on Snap, we've seen firsthand how friends and family influence buying decisions. With more than half of daily Snapchatters sending product messages and pictures to friends during their shopping journey, there's a massive opportunity for brands to tap into the experiences that are resonating most with the next generation, underscoring the importance of real relationships ultimately driving real influence."
The report Next Gen Social Commerce Playbook harnesses insights from 28,500 surveys conducted across the UK, France, Germany, India, Mexico, the United Arab Emirates, and the US. It estimates that social media represents 4.74 billion users around the world and that social commerce will generate $492 billion this year.