Description

Social commerce is a key aspect of the ecommerce ecosystem. Its impact will only grow as time spent on mobile devices increases and younger generations expand.

Katie Hansen, Senior Analyst – Retail & eCommerce

Table of Contents

  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Market predictions
    • Opportunities
  2. Consumer Insights

    • Consumer fast facts
    • Consumer fast facts (cont.)
    • Purchase participation
    • Overall, interest and purchasing on social remains consistent year over year as consumers slowly experiment with doing so
    • Younger consumers drive social commerce growth
    • Graph 1: social media purchase participation, by gender and generation, 2024
    • Let Gen X know they're not forgotten on social media
    • Hispanic consumers provide opportunity to drive engagement and purchases on social media
    • Graph 2: social media purchase participation, by race and Hispanic ethnicity, 2024
    • Platforms consumers shop on
    • Marketplace gives Facebook an edge, followed by Instagram, TikTok and Pinterest
    • Graph 3: social media platforms shopped, 2024
    • TikTok and Instagram can connect with consumers across generations and gender
    • Graph 4: social media platforms shopped – TikTok, by gender and generation, 2024
    • Graph 5: social media platforms shopped – Instagram, by gender and generation, 2024
    • Pinterest remains ripe with opportunity for social commerce options
    • Graph 6: social media platforms shopped – Pinterest, by gender and generation, 2024
    • Pinterest leads with inspiration
    • Role of social media in the shopping journey
    • Social media extends its assistance beyond purchasing products
    • Graph 7: social media attitudes and behaviors, 2024
    • Younger consumers seek out an elevated, tech-forward social commerce journey
    • Graph 8: social media attitudes and behaviors, by gender and age, 2024
    • Brands should incorporate tech, but not forget about the need for human connection
    • Social media remains a source of discovery for consumers
    • Graph 9: impact of social media on shopping behavior, 2024
    • Social media can have the most impact on younger generations' shopping journeys
    • Discovery is big for women; younger males look for ads and rewards
    • Graph 10: impact of social media on shopping behavior, by gender and generation, 2024
    • TikTok, Pinterest and Instagram are set up for the discovery process
    • Graph 11: impact of social media on shopping behavior, by platform use, 2024
    • Motivations to shop on social
    • Social media plays a critical role in the research process
    • Graph 12: attitudes toward shopping on social media, motivations, 2024
    • Discovery on social media isn't always intentional
    • Graph 13: attitudes toward shopping on social media, motivations, 2024
    • Younger consumers look to social media as a resource to guide their shopping journey
    • Pinterest leverages filters on its platform to help consumers narrow down products best suited for them
    • Le Creuset takes to TikTok to spread the word on new products and how to use them
    • Pricing, trust and saving time drive social media purchases
    • Graph 14: motivations to shop on social media, 2024
    • Leverage LTOs to connect with women across generations
    • Graph 15: motivations to shop on social media, by gender and generation, 2024
    • Bombas promotes discount offer with shoppable post
    • Spotlight younger consumers and leverage exclusive products to drive interest in social commerce
    • Recommendations will go a long way with Hispanic consumers
    • Graph 16: motivations to shop on social media, by race and Hispanic ethnicity, 2024
    • Brands need to emphasize reviews, security and transparency on their social pages to encourage consumers to shop
    • Graph 17: reasons to shop on social media – I would…, 2024
    • Brands have opportunities to drive engagement via social commerce with both men and women
    • Younger women are seeking transparency; younger men are looking for human connection
    • Graph 18: reasons to shop on social media, by gender and generation – I would…, 2024
    • Barriers to shop on social
    • Barriers related to security, confidence and familiarity prevent consumers across generations from shopping on social media
    • Graph 19: barriers to shopping on social media, by age and gender, 2024
    • Barriers are universal across platform users
    • Graph 20: barriers to shopping on social media, by select platform usage, 2024
    • Attitudes toward social commerce
    • Social media can be a place for planned purchases, and a catalyst for impulse buys
    • Graph 21: attitudes toward shopping on social media, impulse purchases, 2024
    • Women are more likely to drive impulse purchases on social channels
    • Graph 22: attitudes toward shopping on social media, impulse purchases, by generation and gender, 2024
    • Consumers are split on using social media to access customer service
    • Graph 23: attitudes toward shopping on social media, customer service, 2024
    • Customer service on social can be effective in supporting younger shoppers
    • Graph 24: attitudes toward shopping on social media, customer service, by generation and gender, 2024
    • A look at livestreaming
    • Livestreaming participation is on the rise
    • Brands and consumers continue to experiment with livestreaming
    • Graph 25: livestreaming participation, 2024
    • Interest in livestreaming spans across most generations, aside from Boomers; early-adopting Gen Z males lead the charge
    • Graph 26: livestream participation, by gender and generation, 2024
    • While livestream participation is up, purchasing remains the same
    • Graph 27: purchasing via livestreaming, 2024
    • Younger men are taking to purchasing via livestreaming
    • Graph 28: purchasing via livestreaming, by gender and age, 2024
    • Asian consumers also drive livestream purchases
    • Graph 29: purchasing via livestreaming, by race and Hispanic ethnicity, 2024
    • Show consumers the money!
    • Graph 30: motivations to participate in livestreaming, 2024
    • Inspiration and engagement with others are additional opportunities to encourage younger consumers to join livestreams
    • Graph 31: motivations to participate in livestreaming, by gender and generation, 2024
    • Leveraging livestreams to further engage with consumers
  3. Competitive Strategies

    • Competitive strategies and market opportunities
    • Not all platforms have the same offerings, nor perceptions; as such, brands must be strategic in the types of content created for each
    • Graph 32: social media platform attributes, 2024
    • Overview of what's happening with shopping features across social platforms
    • TikTok expands features to reach more brands and consumers
    • Let's talk (TikTok) Shop
    • Pinterest looks to partnerships to expand its reach
    • Pinterest's partnership with Tastemade
    • YouTube launches Shopping Collections
  4. The Market

    • Market context
    • Market drivers
    • Social media sales will support overall mobile retail growth
    • In spite of stubborn inflation, consumers remain optimistic about the future
    • Consumer prices rose by 3.5% in March, an uptick from February
    • Graph 33: headline CPI, shelter CPI, and Zillow Rent Index, 2022-24
    • Consumers are the most upbeat they have been in nearly three years
    • Graph 34: consumer sentiment index, 2021-24
    • Growing younger demographics will propel social commerce
    • Mintel's perspective: what a TikTok ban (or sale) could mean for marketers
    • Mintel's perspective: what a TikTok ban (or sale) could mean for marketers (cont.)
  5. Appendix

    • Market definition
    • Consumer research methodology
    • Generations
    • Abbreviations and terms

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