Consumers to Spend $100B Online for Groceries by 2022
In as few as five to seven years, 70 percent of consumers will be grocery shopping online.
That’s according to the second-year findings of the “Digitally Engaged Food Shopper” study by the Food Marketing Institute and Nielsen, unveiled this past weekend at the FMI Midwinter Executive Conference at the National Doral near Miami.
According to the latest findings, the estimated $100 billion spend, which is equivalent to every U.S. household spending $850 online for food and beverage annually, will occur by 2022 or 2024.
Key findings from this year’s study show that omnichannel shopping has passed the tipping point, with online grocery shopping on an accelerated path to industry saturation. The first year of research predicted that consumer online food and beverage spend could reach $100 billion by 2025. FMI and Nielsen now report that the pace of change and adoption has far outrun initial predictions, where the pervasiveness of online engagement could cut the timeline by as much as half.
Read more about the findings at GR’s sister publication, Progressive Grocer.