(NBC News) Social media is playing a bigger role in consumer spending this year.
According to Deloitte, mobile shopping has grown 41 percent to 70 percent in the last five years.
Young shoppers are especially reliant on their phones and social media. According to fintech company Afterpay, more than 90 percent of Millennials and Gen Zers say that social media is the top influence for purchases.
Instagram is testing a new checkout feature that lets users buy products within the app, without redirecting to a retailer’s website.
Social networks are also experimenting with augmented reality ads. Facebook, for example, lets users try on makeup with their smartphone camera.
Businesses are also utilizing popular figures on social media for endorsements. On YouTube, top vloggers are producing more than just videos.
“As most of these creators become mainstream celebrities, a lot of them are producing their own merch,” said YouTube trends expert Madeline Buxton.
Toy manufacturers are also teaming up with YouTube stars on branded product lines, which are some of the top trending toys this holiday.
As it becomes easier to make purchases on social media, a third of shoppers will end up making more impulse buys according to research from Advanced Supply Chain Group. But the research also projects many of those impulse buys will lead to buyer’s remorse, meaning more returns to retailers down the line.
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