Baby Boomers Spend More Online than Millennials

The Truth About Online Consumers 2017 report challenges industry beliefs about baby boomers, millennials and male online shoppers

 

KPMG released a report, titled The Truth About Online Consumers 2017, detailing the customer demographics most likely to be found shopping online.

Generation X (those born between 1966-1981) are the most active online shoppers, with an average of 19 transactions per person in the past year. This generation made 20% more purchases than the tech-savvy millennials (who are often credited with the upswing in eCommerce).

The millennials weren’t even the second biggest market leader. Baby Boomers (those born between 1946 and 1965) shop online just as frequently as the younger generation. Spend per transaction offered further insight into the differences between generations, with Baby Boomers spending more than other generations.

“There is a little Millennial in each of us. Baby Boomers are starting to understand and appreciate the technology that is out there. They’re also trying to appreciate and experience the convenience on buying online,” says Mark Larson, Head of Consumer and Retail, KPMG.

The average spend per user in each generation is as follows: Baby Boomers (203 USD), Generation X (190 USD) and Millennials (173 USD).

Although men and women shop online in similar frequencies, men spend more than their female counterparts. The average male transaction is 220 USD, with women spending 151 USD per transaction on average. Men were more likely to indulge in luxury goods and electronics, whereas women tended to buy cheaper items like cosmetics.

eShopWorld Insight:

Retailers can make assumptions about who is shopping online and why. It’s important to consider the data when entering markets, and not simply relegate online shopping to a service demanded by tech-savvy young people. As technology improves, more and more shoppers from each generation are moving online. Retailers cannot ignore this trend if they expect to stay relevant, whether customers are Millennials or Baby Boomers, eCommerce is key.

Source: KPMG

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