Snap, the Selfie Budget, and a Gen Z Army
Yes you S E L F I E B U D G E T correctly — Snap Inc.’s latest story: an #ecommerce push to monetize its users through the acquisition of Berlin-based retail tech startup Fit Analytics.
Per research firm Piper Sandler, the “Selfie Budget” (which includes clothing, fashion accessories, personal care, and shoes) made up 40% of US teens’ spending in fall 2020.
Snap now boasts 265m daily users (+22% year-over-year) — and on average those users open the app 30 times per day to collectively snap 5B+ photos.
Snap’s got a #GenZ army ready to fire at will. Roughly 90% of 13- to 24-year-olds in the US are on Snapchat, and they’re bringing the heat with $323B in direct buying power.
Bottom line: Snapchat’s got the teens, and Fit Analytics has the retail smarts. Ergo, this deal may need a “made in heaven” filter.
Originally published at Monday Morning Mashup.
