It’s an age-old stereotype about the differences between men and women, but new research has shattered the myth.
Australian men have spent more than women online at nearly double the rate of last year according to new data, shattering an age-old stereotype
In a research paper published by a brokerage firm Clevermen have been shown to spend an average of $300 per week on physical goods in virtual markets, a far cry from the $170 per week spent by women.
This figure was just one of a series of fascinating insights uncovered about our online shopping habits.
Millennials led the pack in highest weekly spending by age group, averaging $308 per week, while baby boomers recorded a frugal $54.
Data revealed that despite the pains of the pandemic, retail therapy was on the rise for Australians, with a whopping $62 billion spent on goods online in 2021.
More than five million households were moving to electronic checkout each month, a 39% increase since December 2019.
“Australians are more addicted to retail therapy than ever,” read a statement from Savvy.
“Since the pandemic, which caused consumers to spend more online to avoid boredom, online retail growth has accelerated, with foot traffic becoming web traffic.”
Top spending suburbs revealed
New South Wales has been the biggest spender over the past year, with customers shelling out an average of $257 a week.
The town of Helensburgh on the New South Wales south coast has become the top suburb in terms of household spending, followed by Silverdale and Seaforth.
Point Cook in south-west Victoria was the top location by purchase volume nationwide, followed by Liverpool in New South Wales.
Surprisingly, Queensland, South Australia, Tasmania, regional Western Australia and Victoria saw below average growth in online consumption.
Put your money where your home is
Household goods and appliances were the most popular items purchased online over the past year, accounting for 23.8% of the national total.
Next come department stores (16.3%) and grocery stores and drinking places (15.3%).
Surprisingly, fashion was way down the list at just 10.9%, showing a move towards the more practical needs of life.
The data also provided insight into which industries saw the strongest growth during the 2021 shutdowns.
Variety stores topped the list with a 74.1% increase in online traffic and sales, followed closely by food and beverages (69.5%) and home and garden (61.2%). ).
Health & Beauty (34.1%) and Media (30.1%) saw the smallest year-over-year increases.
Most surprisingly, however, takeout was the smallest slice of the online retail pie, accounting for just 5.9% of spend.
Money went the way of the dinosaur
Perhaps the most striking figure of all was the increasingly stark difference in generational consumption habits.
Gen Z shoppers made up 62% of online shoppers during Black Friday and Cyber Monday 2021 sales, while just 9% of shoppers were baby boomers.
The death bells are ringing for physical cash, with just 5% of shoppers still using hard currency for online purchases, with a majority opting for PayPal or Amazon Pay instead.
However, that doesn’t mean it’s all about reckless eavesdropping from younger shoppers, with 59% of consumers using discounts or codes directly from retailers.
80% of shoppers also said sustainability was a key factor when it comes to online retail, reflecting a 71% increase in searches for sustainable products globally.
Grocery and fashion stores saw the highest number of sustainable transactions, while 60% of shoppers said they would pay more for ethically sourced products.
Australian retail is still a small fish in a much bigger pond
Despite growing by 12.3% over the past year, online retail in Australia is still only the tip of the consumer iceberg.
One example highlighted in the study is South Korea, where 53% of online shoppers shopped at least once a week, more than double Australia’s figure of 25.3%.
Despite the lagging numbers, experts have indicated that the online retail industry will continue to thrive in the years to come.
“At the start of the pandemic, some of the main drivers of online shopping were retail restrictions and fear of catching Covid-19,” read a statement from Savvy.
“Now those primary reasons have declined sharply and been replaced by convenience, better access to products, and value for money.”