Consumers in the U.S. continue to spend – and where social media is going to be a major factor. A [+]
One of the biggest concerns of Americans for 2022 could be record inflation. This will probably continue to affect household expenses and wages. Inflation rose to 7 percent in 2021, the highest rate in more than 40 years. In 2021, Americans saw a sharp rise in the prices of basic necessities.
Although the government tried to stimulate spending with extremely low interest rates and stimulus money, there was so much demand for the product that prices rose at an alarming rate. The U.S. Department of Labor announced earlier this month that the core inflation rate for December (excluding volatile products such as food and gasoline) reached 5.5 percent, the biggest increase in a decade.
Yet, American consumers continue to spend – and social media continues to be a major factor in where Americans are taking their business. According to a new survey conducted by Point and OnePool, more than one in three respondents said they found social media to be “very influential” in their spending habits – 35 per cent of respondents reported that, while only 12 per cent said social media was “very ineffective”. . “
The survey also found that more than half of Americans – 55 percent – even said that social media influenced them to go beyond their budgets or spend more money than a particular product. With 35 percent agreeing, one reason was the pressure to stay with Jones.
It was epidemic
The epidemics have also increased the influence of social media on American decision making. Americans have seen spending cuts since the lockdown. However, in 2021 when the country began to stabilize in the new normal state, costs increased – even supply chain problems persisted.
Mary Snyberger is the Senior Director of Integrated Marketing Practice at Avionos. He explained that the epidemic had changed consumers’ shopping habits and would continue. Avionos also tracks American spending habits by 2021 The last two years have shown that shopping online and in person is possible and retailers are willing to do whatever it takes to provide a seamless shopping experience. Shopping through social media has become more popular for virtual reality and live streaming, changing the way people shop.
Social media has changed not only how consumers transact but also how they find new brands and products.
In an engaging format, social influencers can gain the trust of consumers by showing off their purchases and discussing product quality with thousands of people through platforms like YouTube and TikTok. Schneeberger, via email: Uses reviews and customer ratings to decide if customers want to buy a product.
Young people
Not surprisingly, Avionos surveys show that most people use social media to make purchasing decisions.
Snyberger says that “Jane Gers (70%), and Millennials (68%) use social media more often than Jane X (51%) and Baby Boomers (33%). These younger consumers have more channels to buy products than the older generation. Uses. “
General Jersey also spent more time using social media than his old opponents. It further explains how they view social media as a shopping destination compared to the older generation.
However, not all people use social media to make sales.
Snyberger says 45 percent of those who don’t shop through social media don’t see it as a shopping destination, and 33 percent don’t trust any social media app, including credit card numbers or personal information. In addition, many consumers prefer to shop online (16%) or view the product before purchase (15%).
Different platforms
Avionos discovered that young people often use Facebook, Instagram and TikTok to buy products.
Snyberger says 56% of General Jars bought items through different channels than originally planned. Snyberger noted that General Jars is more familiar with digital channels and more inclined to shop on social media. This is because their influence on consumer behavior change is greater. However, Gen Xers and Millennials want to shop for products using the online shopping platform. This means that retailers can become more involved with these consumers both in-store and online. Offering universal-channel commerce services is crucial to meeting customers wherever they are most interested.
