Consumer behavior and habits are ever-changing.
As a result, brands must constantly adapt to meet the needs of their customers.
Many economists say consumer spending is a key factor in economic performance. It is the primary driver of U.S. economic growth and reflects a country’s financial health.
By analyzing consumer spending statistics, it is possible to identify the factors that influence consumer spending and thus the economy.
So, If you’re a business owner considering different marketing strategies, developing one with these statistics in mind would be ideal.
Let’s dive in!
Consumer Spending Statistics – 2023 Stats Updated!
U.S. consumers spend approximately $314 per month on impulse purchases (Slickdeals)
According to a Slickdeals survey, an average American consumer spends about $314 per month on impulse purchases.
That’s more than $3,700 spent yearly on unplanned purchases. This is an increase from $276 in 2021 and $183 in 2020.
Housing, grocery, and gas accounted for 52% of total consumer spending (Morning Consult)
A recent consumer spending report shows that American consumers spend more than half of their money on gas, housing, and groceries.
Consumer spending contributes to 70% of the total economic activity in the United States (FAS)
Consumer spending makes up nearly 70% of the United States economy. In the fourth quarter of 2021, it was $13.28 trillion.
E-commerce Consumer Statistics
Around 56% of consumers shop online once or more per week (JungleScout)
According to JungleScout’s research, 56% of consumers made weekly or more frequent online purchases in the first quarter of 2022.
This is down from 61% in the fourth quarter of 2021.
U.S. social commerce buyers are expected to rise to 101 million in 2023 (eMarketer)
eMarketer reported that the number of U.S. social commerce buyers accelerated by 12.9% to 90.4 million in 2021 and is expected to rise to 101.1 million in 2023.
It’s safe to say that e-commerce isn’t slowing down anytime soon.
Almost 85% of buyers worldwide have shopped for items online (Statista)
E-commerce is now bigger than ever and is expected to double in the next few years.
Statista recently reported that 85% of all consumers worldwide had purchased something online.
Roughly four out of five Americans are online shoppers today (JungleScout)
According to JungleScout, 78% of Americans use online shopping, with 46% shopping exclusively online.
Around 49% of customers have found online replacements for items they previously purchased at physical stores (Raydiant)
The pandemic pushed many consumers to go online.
Raydiant discovered that 49% of offline customers now use an online alternative.
U.S. consumers prefer shopping on Amazon, making it the most popular choice among online shoppers (JungleScout)
Amazon is one of the most well-known and trustworthy online shopping platforms. Therefore, it’s not surprising that 58% of U.S. consumers favor shopping there.
Furthermore, 78% of consumers believe Amazon is a good company for all consumers.
Consumer Behavior Statistics
User-generated content influences 79% of consumer purchasing decisions. (Nosto)
Nosto’s report further shows that user-generated content is 8.7 times more potent than influencer content and 6.6 times more powerful than brand content in the eyes of consumers.
Rising inflation has impacted 72% of people’s purchases of consumer goods (JungleScout)
Customers are cutting back on their spending to save money as a result of high inflation.
Furthermore, 70% are making fewer fun and impulse purchases.
Over 70% of people believe that businesses should collaborate on their behalf to make life easier for them (Zendesk)
According to Zendesk research, 70% of customers want companies to collaborate for their benefit, and 68% are frustrated when their calls are transferred between departments.
Discount codes, coupons, and deals persuade 53% of buyers into buying something (JungleScout)
Research shows that discounts are a great way to boost your sales. In fact, 53% of consumers say they are compelled to buy from discounts or deals.
Moreover, 47% only purchase products on sale or from discounts.
If given a choice, 46% of buyers would prefer to shop in person rather than online (Raydiant)
Many consumers still prefer shopping in person. A recent survey conducted by Raydiant showed that 46% of respondents preferred to shop in person instead of online.
It’s a decline of 9% from 2020.
Consumer Buying Experience Statistics
A positive offline experience increases 90% of customers’ likelihood of returning (Raydiant)
Customer service plays a vital role in customer retention.
In fact, 61% of consumers say they are more likely to spend more money at a location that provides excellent customer service.
And because of their customer service experience, 65% are more likely to spend more money online with a brand.
Around 60% of consumers will never shop from a brand again if they have a poor in-store experience (Raydiant)
A poor customer experience results in fewer customers and possibly lower retention rates. It further results in fewer sales and lower profit margins for a company.
Moreover, 60% of the survey respondents said they had abandoned a brand due to poor customer service.
About 75% of customers report that excellent customer service is essential for establishing a sense of loyalty toward a brand (Zendesk)
A positive experience with customer service significantly influences the recommendations.
Buyers who rate a business’s services are 38% more likely to recommend that business.
Customers are likely to return to a brand that offers great customer service (HubSpot Research)
Excellent customer service is key to customer retention.
According to HubSpot research, 93% of buyers consider great customer service as one of their top priorities and are more likely to return when they receive it.
Gen Z Consumer Statistics
Approximately 69% of the newer generation use Instagram for research on products and brands, while 46% use Tiktok (GWI)
Social media is where Generation Z usually gets product information.
Furthermore, according to GWI’s report, 58% of Gen Z consumers use Instagram for news updates, while 47% use Tiktok.
More than 60% of Gen Z are willing to pay more for eco-friendly products (GWI)
To have a good relationship with Generation Z, brands should be environmentally conscious whenever possible.
Eco-friendly products are more likely to sell for a higher price, and customers feel good about contributing to a healthier environment.
Post Covid-19 Consumer Statistics
In 2022, 60% of consumers will spend more time at home than before the pandemic (JungleScout)
According to JungleScout research, 60% of consumers will stay at home more often this year than before.
E-commerce sellers can expect a rise in their sales and the overall market.
Half of the U.S. consumers are willing to spend more on their homes now (JungleScout)
According to JungleScout, after Covid-19, 50% of consumers are more willing to spend money on their homes.
It could be because most people stayed at home during the pandemic.
Home-related and appliance businesses should see an increase in sales.
About 40% of buyers admit visiting physical locations less frequently since the pandemic (Raydiant)
According to Raydiant research, COVID-19 is causing a slow decline in brick-and-mortar stores.
Around 40% of people say they go to physical stores less frequently nowadays.