According to CouponFollow, a coupon destination for online shoppers, TikTok is the third most used app for online shopping among millennials – those aged between 25 to 40.

The ‘Millennial Shopping Habits Trend Report’ analyses the spending and saving habits of the US of which 73.2 million people have an annual spending power of $2.5 trillion.

According to the report, four in five (80%) of millennials now do most of their shopping online, which is up from 60% in 2019, with 56% shopping mostly on their mobile devices.

Up to 73% of those aged between 25 and 40 have changed the way they shop since the pandemic with more than half (56%) shifting from physical stores to online.

Despite the fact that the app only launched in 2017 in America, TikTok is the third most used social media app for shopping, with 12% of millennials shopping on the app. Taking first and second place are Facebook and Instagram with 28% and 27% of the generation using the app to shop retrospectively.

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As well as these findings, the report also points to the fact that 63% believe that saving money and finding deals is the most important factor in millennial online shopping.

Additionally, one in three (30%) of those aged 25 to 40 have made at least one purchase using cryptocurrency in the past year.

“Although millennials are leading the pack when it comes to online shopping, brands have to be even more aware of this generation’s desire to find the best deal to entice them to spend their hard-earned money,” CouponFollow president Marc Mezzacca said.

“As factors such as social media and other technological advancements continue to impact the lives of this technologically savvy generation, brands must pay close attention to these trends and shift their ecommerce strategies accordingly to innovate effectively.”