New research has revealed the effectiveness of social media in driving impulse purchases, as a study by UBank shows the motivations behind millenials’ shopping habits.
According to research from UBank, 66 percent of millennials make impulse purchase decisions based on items they see on their social media feeds, while 27 percent are driven to share their purchases to impress their followers.
These figures are in-line with what UBank refers to as the “new economy” emerging within social media, which is reportedly driving spending. In fact, the study found that 47 percent of digital native millennials use social media as a platform for sharing their spending habits. A quarter of millennials have also reported feeling jealous when they see other people’s purchases.
The ‘envy’ millennials report they feel when seeing other people’s purchases on social media could be the motivation behind why 23 percent of millennials say they have bought products that are too expensive for them just to impress their social media followers. A further 26 percent would also willingly compromise their financial wellbeing to make an ‘impressive’ purchase.
One such feature is Snapchat’s new commerce capabilities, which the image-sharing app has recently opened to Snap influencers, like Kylie Jenner.
As part of a push to drive extra spending through the platform, Snapchat has made its native commerce feature available to its top creators, starting with the launch of a makeup campaign by Kylie Jenner, which was released last week.
Much like the network’s native commerce function, Snapchat users can add their credit card and shipping information in Snapchat, allowing them to purchase products directly from the site, without being directed to a third party site.
Snapchat has been working with Spotify to help drive its new commerce and influencer capabilities, with Spotify’s Vice President and General Manager, Loren Padelford saying the company is happy to place its bets on the future of social commerce.
“Through the power of social media, Kylie has been able to generate both hype and demand for her products in a very unique way, and this is taking it to the next level,” Padelford said. “We see the future of commerce as becoming intrinsically connected to our everyday social interactions.”
According to representatives from Snapchat, the ‘Commerce for Creators’ program is now in open beta testing.