Highlights. Global shoppers will spend $1.698 trillion on social media commerce in 2024; projections indicate the market will be worth over $6 trillion in 2029.
- 110.4 million or 40.9% of American online consumers shop on social media in 2024.
- In the United States, social media commerce is worth $76.6 billion, projections indicate that social media commerce will exceed $175 billion in 2029.
- 51.3% of social media users aged 14 years or older also shop on social media.
- 55% of 18- to 24-year-olds have made a purchase via social media.
- Social media commerce represents at least 10% of e-commerce sales.
Social Media Shopping Financial Statistics
Projections indicate that social media will become a more lucrative means of commerce in years to come.
- Global shoppers spent $1.298 billion on social media commerce in 2023, up 30.8% year-over-year (YoY)
- Projections indicate that global social media retail revenue will have a compound annual growth rate (CAGR) of 30.8% from 2024 to 2029.
- U.S. social e-commerce sales have a projected 18.2% CAGR from 2024 to 2029.
- In the United States, social commerce represents 5.16% of e-commerce.
- Compared to mobile commerce, global social commerce is worth 32.7% less in revenue.
- Social commerce represents 0.90% of retail sales in the U.S.
Social Media Consumer Statistics
Consumers aged 18 to 34 years old are most likely to shop on social media.
- Shopping among all social media users over the age of 14 years increased 3.37% YoY.
- The number of Americans shopping on social media increased 4.09% from 2022 to 2023.
- 40% of U.S. digital consumers follow an influencer or content creator on social media.
- 30% of digital consumers have purchased an item in response to an influencer or creator’s post.
- 12% of holiday shoppers in the U.S. made a purchase on social media over the 2023 shopping season.
Social Media Shopping Platform Statistics
Facebook is the most popular platform for social media commerce among all age groups.
- Digital shoppers are 74.6% more likely to buy on Facebook than they are on Instagram, which is the second-most popular platform for social media commerce.
- In an average month, up to 1.23 billion or 40% of online shoppers buy something on Facebook Marketplace.
- Over 1.72 billion or 70% of active users shop on Instagram.
These data and insights were compiled by the Capital One Shopping team based on publicly available data.
Sources
- U.S. Securities and Exchange Commission, Meta Platforms, Inc.
- Statista
- Forbes
- Insider Intelligence
- U.S. Census Bureau, Retail Monthly Trade
- Pew Research Center, E-Commerce: For Shopping
- Products Up, Social Commerce on Instagram
- SendPulse, What is Instagram eCommerce: Complete Guide