YouTube, Facebook, TikTok... social platforms lead new consumption in America

Source: Global Times [Xinbin, a special correspondent of Global Times in Singapore and Ma Mengyang, a reporter of Global Times] On the 15th local time, YouTube announced the official expansion of shopping functions on its short video platform Shorts before the holiday consumption season in Europe and the United States.
The Financial Times said that in the past few years, competitors of YouTube, including Facebook and TikTok, have entered the "social e-commerce", and all are optimistic about this future shopping trend.
According to the latest predictions of many institutions, this year's holiday consumption season in the United States, the scale of social e-commerce transactions will reach a new high, and the utilization rate will even reach more than 40%.
The 2022 US Holiday Consumption Habits Report of the US financial technology company "Blue Point" predicted that the scale of US holiday consumption this year would be close to 1.3 trillion US dollars, an increase of 7% over last year.
In the holiday season, the business performance of social networking will increase significantly.
41% of consumers may buy holiday gifts through social platform applications.
According to the "2022 Holiday Retail Survey" report of Deloitte, a consulting company, the utilization rate of social e-commerce has reached the highest level in 10 years and has become one of the mainstream ways of holiday shopping.
This feature is particularly obvious among the consumers of Generation Z (the generation born from 1995 to 2009).
56% of Generation Z may purchase holiday products through social media.
The US market research institute Insider Intelligence also released similar data.
According to the survey, half of Gen Z are shopping on holiday through social platforms.
Instagram is the most popular, with 22% of users buying on the platform.
The second place is TikTok.
12% of Gen Z users buy products on this platform.
It is understood that the most famous social e-commerce platforms in the United States currently include Pinterest "shopping list", Instagram live shopping, TikTok shopping, YouTube shopping, Twitter store and Amazon live broadcasting.
McKinsey, a consulting firm, said in a report that this new shopping method is preparing for rapid development in the United States.
In 2021, the value of goods and services purchased by the United States through social commerce channels will be 37 billion dollars.
By 2025, this figure is expected to rise to nearly 80 billion US dollars, accounting for 5% of the total US e-commerce.
According to Fortune magazine, social e-commerce currently accounts for 10% of global e-commerce sales, and retail brands in developed markets such as the United States, Britain and Europe lag behind developing markets in taking advantage of social e-commerce opportunities.
Cui Chuangang, a financial writer, told the Global Times: "The offline shopping channels and consumer habits of Western countries have developed over a long period of time and have already had a mature and stable business model.
In the face of new demands, it may not be easy for traditional social media platforms to achieve the" elephant turn "."