Globally, consumers are taking the concept of being glued to one’s phone to new levels.
According to App Annie, consumers spent a record 3.8 trillion hours on mobile last year. Additional findings from itsreport illustrate just how hot mobile is and how widely available the market is for brands to continue making money from it.
In 2021, consumers spent $170 billion on apps, for an estimated $320,000 spent per minute and a 19 percent increase from 2020. Downloads also continued growing at 5 percent year-over-year to reach $230 billion.Advertisers are taking notice of a continued mobile craze, as brands spent more than $295 billion on advertising, reflecting a 23 percent increase year-over-year.
Increasing advertising spending makes sense when consumers are flocking to their phones for their every need, as worldwide. In 2021, consumers spent more than $4.2 billion on dating apps and 194 billion sessions on food and drink apps — a new milestone. App Annie found that 7 out of every 10 minutes on mobile was spent on either social, photo and/or video apps, with TikTok being the most used.
Social commerce is growing rapidly, driven by Gen Z and millennial shoppers, according to new research from Accenture. The new study finds that the $492 billion social commerce industry is expected to grow to $1.2 trillion by 2025 .
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