Instagram Shopping Statistics 2023: Demographics & Market Growth

Nowadays, if you’re going to market on Instagram, you need to know the Instagram shopping statistics we have gathered for you in this article. 

Essentially, Instagram started as a visual platform for users who wanted to “instantly” post images of their lives with the world. 

Since then, this social media platform has become not only a space to share the visual moments of your life, but also various types of videos and content for retail and shopping sales. 

The following will cover some interesting Instagram shopping statistics that every marketer, brand, and business should know. 

Key Instagram Shopping Statistics 2023

• 130 million people select a shopping post on Instagram
• 72% of Instagram users say Instagram influences their buying decisions
• 87% of Generation Z use Instagram for holiday shopping
• 72% of millennials buy beauty products through Instagram
• 90% of Instagram users follow at least one business page
• 81% use Instagram to research products

How Many Instagram Users Are Shoppers in 2023?

According to Instagram shopping statistics figures, 130 million Instagram users tap on shopping posts on the platform every month.

Instagram has also made it easier for shoppers with the Instagram Checkout for all eligible businesswomen . 

Instagram has more than 1.393 billion monthly active users (MAUs), according to Instagram statistics.

How many of these users shop, or discover products and services on this platform? 

72% of Instagram users claim to make purchasing decisions based on a product they see on the platform.

At 51%, Instagram is the biggest influencer of all social media platforms, including Facebook, Pinterest, Twitter, and Snapchat.

So, a lot of people shop on the Instagram platform through the mobile app or the website.

That’s a lot of power for one social media site to have and maintain, but it’s true. 

Think about how 72% of its users make purchasing decisions. That means Instagram is loaded with people ready to buy.

Who Is Using Instagram for Shopping?

The latest Instagram shopping statistics show that buying directly from the Instagram platform is becoming a common occurrence. 

Even though the shopping feature is still relatively new, this makes it easier for shoppers on the platform to find what they want faster. 

Age Demographics

Around 60% of Instagram’s audience is made up of 18 to 34-year olds, according to October 2021 Instagram shopping statistics. 

Among these users, those between 16 and 24 claim that Instagram is their favorite social media app. Instagram even beat out TikTok in this role. 

Instagram shopping statistics reveal that 87% of Gen Z’ers use social media for holiday shopping. 

Let’s compare that to the fact that this is part of the audience that makes up most of Instagram’s user base and that a large majority of this generation claims to use Instagram as their favorite platform.

Also, 72% of millennials are buying beauty products based on what they find on Instagram. 

Even though Millennials and Generation Z make up a large portion of Instagram’s audience, don’t count Gen X out of the mix. 

Generation X makes up the fastest growing male audience on Instagram. In 2020 alone, this demographic grew by 63.6%.

Gender Demographics

Also, Instagram is one of the most balanced social platforms in terms of the male to female audience with 50.8% being female, and 49.2% males.

While there are no Instagram statistics about non-binary individuals, these are how users currently self-identify on the platform.

What Is the Potential for Instagram Shopping?

According to Instagram shopping statistics, 90% of all Instagram users follow at least one business on the platform. These are the people making shopping decisions on Instagram. 

This makes this social media outlet prime for businesses, brands, and anyone trying to get good revenues. 

Basically, you can target almost any audience and you will find some shoppers to buy your products. The potential for opportunities is limitless. 

That doesn’t mean you shouldn’t do your research and learn what people want and how they want to see it marketed on the platform.

You need to plan your marketing strategy accordingly every time.

What’s more, 44% of Instagram users are shopping weekly on the platform. They are using features like Shop tag and shopping tags to explore and discover new products. 

How Are Brands, Businesses, and Marketers Doing on Instagram?

Now that you have an idea of how many shoppers are on Instagram and who is buying on the shopping feature on the platform, you should know how marketers, businesses, and brands are faring.

According to the Instagram shopping statistics we found, brands have reported seeing an uptake of 1,416% in traffic and 20% in revenue.

This is across all the countries that have access to the shopping feature on the platform. 

How are they seeing so much more traffic and sales? Many brands, businesses, and marketers are using the Explore feature to expose their presence.

Over 50% of Instagram users use the Explore tab each month. 

Because of Instagram’s features, branded content is able to help more people make wise shopping decisions. 

Instagram shopping statistics like 83% of users discover new services and products, 81% do their research to find products or services, and 80% decide if they want to buy a service or a product right from the Instagram platform show how popular ecommerce is on Instagram.

What Are Some Costs Associated with Instagram Shopping?

Depending on what you’re doing on Instagram, you can pay a few cents to several thousand dollars getting your brand or business noticed. 

For instance, the cost-per-click for ads will cost between $0.70 and $1.00. This is dependent upon your industry, day of the week, ad placement, target audience, and the time of the year.

Brands are spending thousands to hundreds of thousands on influencers to get their name out there.

If Instagram wasn’t making them money, they wouldn’t keep spending. Influencer marketing is not fading away any time soon.

Conclusion

No matter what you’re selling or offering, Instagram most likely has an audience for you. 

If you’re marketing to Gen Z and Millennials, you have a larger audience, but there’s no reason to discount Gen Z and Baby Boomers because they are on Instagram and willing to buy.

This article has mentioned that Instagram shopping statistics are uncovering the fact that ecommerce is winning on the platform across industries. 

Everything in this article points to Instagram being the cream of the crop in ecommerce sales with a large percentage of shoppers who are ready to buy.

Do you use Instagram to market your products or services? Have you used the Explore tab feature to increase your exposure?

Are these things you will consider doing in the near future?