Facts & Stats by Balancing Everything Tue, 08 Aug 2023 11:15:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://balancingeverything.com/wp-content/uploads/2021/02/favicon.ico Facts & Stats by Balancing Everything 32 32 12 Fascinating Mobile Banking Statistics and Trends https://balancingeverything.com/mobile-banking-statistics/ https://balancingeverything.com/mobile-banking-statistics/#respond Tue, 08 Aug 2023 10:52:33 +0000 https://balancingeverything.com/?p=4250 To remain serviceable and relevant, most competitive banks offer their customers mobile banking. This allows customers to use their smartphones or tablets to complete financial transactions. Increasing Internet and smartphone users is also crucial to mobile banking’s growth. The latest data by Statista reveals that over 7.1 billion people have mobile phones. With this rise […]

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To remain serviceable and relevant, most competitive banks offer their customers mobile banking. This allows customers to use their smartphones or tablets to complete financial transactions.

Increasing Internet and smartphone users is also crucial to mobile banking’s growth. The latest data by Statista reveals that over 7.1 billion people have mobile phones. With this rise in smartphone users comes a surge in the number of mobile banking subscribers as well. 

The following sections outline the statistics that will tell you how formidable this industry is and continues to be. 

Editor’s Choice

  • 6  out of 10 mobile users choose finance apps over websites.
  • The Far East and China have over 928.9 million active digital bank users.
  • Nearly 95% believe their banks will protect the online banking platform and their data.
  • Digital banking app downloads in 2022 surged 54%, exceeding 26 million.
  • 70% of millennials use mobile banking apps actively for various tasks.
  • The global mobile banking market is estimated to reach $1.36 billion by 2028.
  • Open Banking users will reach 40 million by the end of 2023.
  • 38% of users want fingerprint scanning as part of their apps’ authentication feature.

2023 Mobile Banking Statistics

The global mobile banking market is projected to grow at a significant compound annual growth rate (CAGR) from 2021 to 2028. The market expansion is attributed to the growing adoption of mobile banking services. However, there’s a lot more to it.

Keep reading to understand better how mobile banking has gained the trust of millions of people globally.

Mobile Banking Market Size

Allied Market Research reports that analysts expect global mobile banking to reach $1,824.7 million in 2026, with a CAGR of 12.2% from 2019 to 2026. One element that fuels this growth is the increase in demand for self-service.

Not only will this piece of technology allow you to pay bills anytime, anywhere, but also::

  • Access the bank 24/7
  • Strengthen security
  • Track expenses
  • Gain clarity about where one’s financial data is going
  • Save money easily

These are only some of the mobile banking market growth drivers. You’ll learn more about the numbers it entails in the following section:

1. In 2030, the mobile banking market is expected to reach $3.47 billion in revenue.

(Market Research Future, Globe News Wire) 

The global mobile banking market is set to undertake an exceptional growth journey and shift from 2023 to 2030. Such change is not surprising, considering the increasing smartphone penetration that fuels the mobile banking market.

Here are some key market players profiled in the global banking market report:

  • Capital Banking Solutions (US)
  • Strands Inc. (US)
  • Ebanq B.V (Netherlands)
  • Fisa System (US)
  • Nymbus Inc. (US)
  • Temenos Group AG (Switzerland)
  • Apex Software Ltd. (Kenya)
  • Temenos Group AG (Switzerland)
  • Neptune Software PLC (UK)
  • Dais Software Company

2. 6 out of 10 mobile users choose finance apps over websites.

(Think with Google)

As technology evolves, more people than ever depend on finance and banking apps in their daily lives. App developers have also taken extra steps to enhance their security and privacy policies to combat the ever-present cybersecurity threats.

With the increased trust of customers in these mobile apps, Google discovered that many prefer using them over other mobile websites. One of the primary reasons for this is that mobile apps offer 24/7 access to users. As such, customers no longer need to connect with their bank directly to make essential transactions.

Fun fact: The latest trend in mobile was combining mobile banking with the ATM. The world’s largest banks announced plans to roll out card-free ATMs by mid-2016, letting users conduct smartphone transactions.

Global Mobile Banking Statistics

Due to the birth of new financial technology, banks are modernizing their mobile banking apps to deliver top-tier customer experience. In the global mobile banking market, the leading countries are:

  • US
  • Mexico
  • Canada
  • Japan
  • China
  • Korea
  • UK
  • Germany
  • India
  • Australia

Check out the statistics below to see how regions like these expanded their mobile banking market:

3. The Far East and China have the highest mobile banking penetration rate, with over 928.9 million users.

(Statista, Adjust)

As Southeast Asia develops digital transformation strategies, analysts expect the mobile banking market to reach 974.3 million users in 2024. The region’s average yearly finance app installs have expanded by 32% compared to 2022 and 2023 YTD.

As Adjust’s Vice President, April Tayson, adds:

“The digital banking revolution is here. With more and more consumers turning to online banking, [banks must focus] on developing their app’s UI and mobile marketing. Stay ahead of the curve of this digital boom with airtight analytics.”

4. Nearly 95% believe their banks will protect the online banking platform and their data.

(Enterprise Apps Today)

Most consumers in the US are happy with the security measures their banks uphold to protect their money and data. 

Customers have complete trust in their banks as the FDC ensures up to $250,000 of their money is saved in their bank accounts. This policy shows that banks will pay their customers money in case of a security breach in the bank.

5. Digital banking app downloads in 2022 surged 54%, exceeding 26 million.

(Market Research Future, World Bank)

The COVID-19 pandemic has significantly influenced the large increase in digital payments. According to World Bank, over 76% of adults worldwide have an account with the following:

  • bank 
  • other financial institution
  • mobile banking app

In World Bank’s President words, David Malpass:

“The digital revolution has catalyzed increases in the access and use of financial services [worldwide], transforming [how people] make and receive payments, borrow, and save.
Creating an enabling policy environment, promoting the digitalization of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises.”

6. 70% of millennials use mobile banking apps actively for various tasks.

(CNBC, Chase Media Center)

Mobile banking has changed how we manage our finances. However, not all generations have adopted mobile banking in the same way. 

Generation X: This generation is less likely to get mobile banking apps than other generations. According to Chase, only 46% of Gen X use mobile banking. They typically choose a face-to-face exchange with their bank. They also tend to be more conservative with new technologies.
Baby Boomers: Only 32% of this generation use mobile banking. Like Gen X, they prefer conducting bank transactions in person. They’re also one of the people who are skeptical about the security of mobile banking. However, as Baby Boomers age and find it hard to go to the bank, they slowly adopt mobile banking to manage their finances conveniently.
Millennials: They are known for being tech-savvy. Millennials also tend to have a better relationship with their bank and are less likely to have or even register accounts with different institutions.
Gen Z: This age group is the digital natives and has entirely grown up with technology around them. It’s not surprising that 77% of them prefer to bank online. Like the Millennials, they are also unlikely to have accounts with other bank institutions.

7. Around 39% of consumers utilize banking apps as their primary online banking platform.

(Enterprise Apps Today)

Mobile banking apps are at the forefront of the mobile banking trend, and nearly 39% of account holders use them as their primary banking method. These apps offer a convenient user experience. Companies fully support an end-to-end customer experience, helping their consumers do the following:

  • Basic and advanced transactions
  • Setting up personalized alerts
  • Customization of the app’s range of services
  • Quick International fund transfers
  • Receipt of paperless bills
  • Other services

Not only are these banking apps at the forefront, but they are crucial in boosting the industry’s growth.

8. 32% of the UK’s population made in-store payments in 2023.

(Cyber Crew UK)

During the pandemic, contactless payments in the UK grew by 12% to 9.6 billion payments. The report emphasizes firm growth in using mobile phones and smartwatches to settle payments. 

With more people working from home, there’s a constant increase in remote banking as well, providing a convenient way for people to manage their finances.

Fun fact: Only 24% of women in London had a digital bank account in 2021. As more women prefer not to open an account in digital-only banks, this gender disproportion possibly stays strong among all the digital banking trends.

Mobile Banking Trends and Statistics: Present and Future

More accessible and safer AI-powered mobile banking and open banking are just some of the few elements shaping and will shape the landscape of the mobile banking market. 

Here are more compelling trends and statistics to watch out for:

9. The global mobile banking market is estimated to reach almost $1.36 billion by 2028.

(Globe News Wire)

The rising number of unique mobile phone users is boosting the growth of the global mobile banking industry. Rising technological advancements is also driving its tremendous growth. 

The number of unique mobile phone users is increasing by 1.8% yearly. There are 5.44 billion unique mobile device users as of January 2023, and close to 1 million new smartphones are coming into use every day. 

Banks are also shifting their priority to transactions users can do when they are mobile since the number of mobile banking subscribers is also increasing. 

10. By the end of 2023, banks are projected to save $447 billion by AI app usage. 

(Business Insider, appinventiv)

The savings include how mobile banking apps use artificial intelligence. We can see this in FinTech as the industry grew from $128 billion in 2018 to $310 billion in 2022

The benefits AI-powered banking apps provide are the following:

  • Better fraud detection
  • Financial planning
  • Automated transactions
  • High-level security
  • Better customer services
  • Personalized reminders
  • Reduced operational costs

Banks cannot deny artificial intelligence’s crucial role in making mobile banking more efficient. According to Accenture, AI can help banks to reduce costs by up to 25%.

To learn more, watch JPMorgan Chase’s Sameena Shah talk about “How AI is Powering the Future of Financial Services”:

How AI Is Powering the Future of Financial Services | JPMorgan Chase & Co. 

11. Users of Open Banking will reach 40 million by the end of 2023.

(Finance Magnets, Light it Global)

Open banking is where financial institutions allow third-party providers to access customer data via open Application Programming Interfaces or APIs. This mechanism enables customers to access various financial services through a single platform because it allows banks to collaborate with fintech firms.

Open banking was the next logical step the financial sector had to take once digital banking became a norm. Allowing access to consumers’ financial info has always been seen as a way to satisfy the client and minimize multi-banking complications.

The 40 million consumers who will use this capacity this year is tremendous because it is more than double the number of users in 2021, which was 18 million.

12. 38% of users want fingerprint scanning as part of their apps’ authentication feature.

(Light It Global)

A survey by Business Insider shows this item as the fourth most wanted feature among users. Mobile banking services always have to come with the most secure safeguards both banks and technology companies can offer, and fingerprint scanning is part of many safeguards being used now.

Another authentication feature is face scanning, and 17% of surveyed users prefer it as a method of logging in, while 15% would like the eye scan log-in. On the other hand, 5% would like to be able to control the app through voice commands.

All of these recent statistics show how bright mobile banking’s future is.

Did You Know? 
Biometrics can be traced back to ancient times when fingerprints and handprints were applied as seals and signatures. The use of biometrics as a tool for identification and security purposes started in the late 19th century with the work of Alphonse Bertillon.

Bottom Line

Technology is fast-evolving. The above statistics show that the right blend of innovative technologies, the COVID-19 pandemic, and the proliferation of smartphones drew more customers to shift from traditional to mobile banking. The mobile banking industry has nowhere to go but up in the coming years. 

FAQs on Mobile Banking

What is the purpose of mobile banking app?

A mobile banking app allows you to check your balances, view transactions, send and transfer money, and manage your finances without the need to visit the branch or ATM. 

What is the disadvantage of mobile banking apps?

Although it rarely happens, as long as we’re connected to the Internet, there will always be potential security risks and tech issues. 

What are the top US banks with mobile apps?

Citibank, Wells Fargo, USAA, NFCU, and Bank of America are the top national banks with mobile apps. 

What are the most current trends in mobile banking?

The mobile banking features that are the most in-demand in 2023 are biometric authentication, open banking boost, digital-only banks, blockchain, machine learning and AI, and regulatory technology. 

What is CAGR?

CAGR, or Compound Annual Growth Rate, is the rate of return (RoR) required for an investment to grow from its beginning to its ending balance, assuming investors reinvested the profits at the end of each period of the investment’s life span.  

Sources

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2023 Online Banking Hacking Statistics https://balancingeverything.com/online-banking-hacking-statistics/ https://balancingeverything.com/online-banking-hacking-statistics/#respond Mon, 31 Jul 2023 10:08:53 +0000 https://balancingeverything.com/?p=4242 Online banking is convenient, but you must know its risks. Read this article to learn about 24 online banking hacking statistics and related facts.

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Recent research revealed the total number of online banking users worldwide may reach 3.6 billion by 2024. While this growth seems impressive, cybersecurity in banking is becoming a grave concern as the digital economy expands.

The banking industry incurred the most cybercrime cost in 2018 at $18.3 million, and a good part of it resulted from hacking. Contrary to popular belief, hackers don’t only target large companies but users’ digital banking accounts as well. 

These criminals are ruthless and can target anyone. Learn about the recent statistics in this article to help you protect yourself from online banking hacking and other related threats. 

Editor’s Choice

  • 42% of internet users don’t think their accounts are worth hacking.
  • Bank transfer or payment frauds accounted for $756 million worth of losses in 2021.
  • $3.1 billion was the accumulated reported loss of Americans due to cybercrimes.
  • 20% of Account Takeovers resulted in financial loss.
  • 43% of bank executives believe their banks are vulnerable to cyberattacks.
  • Financial businesses are the targets of 25% of all malware attacks.
  • Email is used in 96% of phishing attacks.
  • FBI recorded 241,342 victims filing phishing complaints.
  • The average amount lost per phishing attack is $136.

Online Banking Statistics

Banking plays a vital role in almost every household.  It allows people to manage their money, buy their wants and needs, and save for the future. However, technology is ever-evolving, and here comes online banking.

The succeeding sections will give you an informed insight into this growing popular way of managing finances and the cyber threats that come with it.

Online Banking Consumer Statistics

The transition from traditional in-branch services to online banking did not happen instantaneously. The banking industry spent decades preparing even before Internet access became the norm. 

Here are statistics about online banking consumers:

1. In 2022, 80% of millennials in the US used online banking services.

(PwC, Chase Media Center)

Age-related differences in the use of digital banking services are significant, with millennials using them more frequently (80%)  than baby boomers  (48.5%).

The most recent Chase Media Center study revealed that Millennials and Gen Z use mobile banking apps, like CashApp, for creating savings goals. In their study’s data, such age groups typically complete multiple tasks with the app. 

2. 20% of adults do online banking while connected to a public WIFI.

(PewResearchCenter)

Due to its lack of security, a hacker may be able to get into a public Wi-Fi network and put viruses and malware on your device. However, 54% of internet users say they connect to a public WIFI connection.

Adult Popular Activities on the Internet

3. 42% of internet users don’t think their accounts are worth hacking.

(LastPass)

People underestimate how valuable their information is. This type of mindset is the reason why 111.7 million Americans are hacked annually. 

Even though you’re confident about being the last person to get hacked, cybercriminals have many other ways to make you pay.

✅ Pro Tip
Secure your browser, and consider limiting what and how you share content online.

4. 75% of American worry about cybercrime.

(Statista)

In 2022, 75% of Americans worried about hackers stealing their personal, credit card, or financial information. 73% were concerned about identity theft.

📝 Note
You should care about these issues, considering that cybercrime was and still is one of the most reported crimes globally. You can reduce the risk to yourself, your family, and your workplace by learning some basic terminology.
Familiarize yourself with this helpful infographic from the UK’s National Cybersecurity Centre:

Online Banking Fraud Statistics

American consumers lose more than $80 billion annually due to insurance fraud.  Similarly, bank fraud is a severe problem affecting individuals worldwide. The most common committed fraud online is the following:

  • Credit card fraud
  • Identity theft
  • Embezzlement

Read these digital banking fraud statistics to wise up and take some precautions against bank fraud:

5. 14% say someone has tried to open credit lines or take out loans in their name. 

(Pew Research Center)

About 14% of Americans say that someone has tried to open credit accounts or get loans in their name, and 6% claimed that someone had tried to impersonate them to claim their tax refunds.

🎉 Fun Fact:
Higher earners generally get better chances of opening credit accounts and loan approvals. Banks are more confident that the rich can repay the debt. 

6. Bank transfer or payment frauds accounted for $756 million worth of losses in 2021.

(Statista)

This incident was a 72% increase from dollars lost in 2019, which was $439 million

📝 Note: What are bank transfer or payment frauds?
These are financial scams affecting individuals and businesses. Typically, these happen when money is deposited into a bank account held by a cybercriminal. To trick victims into wiring money,  these criminals impersonate a real person or use a trade name without authorization.

 Here are several types of bank transfer scams:

  • Fake supplier fraud
  • Bank account scams
  • Fake president fraud
  • Phishing
  • Internal fraud
✅Pro Tip: 
To protect yourself from these frauds, only open accounts with banks with trusted security features

7. $3.1 billion was the accumulated reported loss of Americans (aged 60 and above) due to cyber crimes.

(FBI)

Seniors and older people are frequently the victims of identity theft, fraud, and other cybercrimes. Hackers and scammers find them more appealing because they have more wealth and better credit.

Here’s the reported loss due to cybercrime by age:

  • Under 20: $210 million
  • 20-29: $383.1 million
  • 30-39: $1.3 billion
  • 40-49: $1.6 billion
  • 50-59: $1.9 billion

8. IC3 reported a $6.9 billion loss in the United States due to cybercrime in 2021. 

(FBI, Sophos Cyber Security, CSO)

The recorded loss shows an increase over the previous year’s figure of $4.2 billion in 2020. Since 2017, this figure has continuously climbed upwards to $1.4 billion.

In 2018, the same report revealed 301,580 complaints regarding cybercrimes, accounting for $1.4 billion. The most consistent growth was phishing and other types of credential-based attacks. This expanded from 25,000 incidents in 2017 to nearly 324,000 in 2021.

Cyber security expert, Scott Schober, said:

“Ransomware, it’s a big problem, and it’s not going away anytime soon.”

Account Takeover (ATO) Statistics 

Account takeover is a kind of identity theft and fraud when a hacker accesses a user’s login information. By posing as the victim, hackers can:

  • update account information
  • send phishing emails
  • take financial information
  • gain access to other accounts.

If you ever plan on investing in solutions to combat cybercrimes like account takeover, see its 2023 statistics below:

9. In 2021, 32% of ATOs were bank accounts.

(Security.org)

Of the accounts taken over, banking accounts were 32%. Social media accounts comprised 51% of account takeovers, while email and messaging platforms comprised 26%.

Here’s the breakdown:

ATOs were bank accounts

10. Almost 1 in 4 Americans are account takeover fraud victims.

(Veriff)

Americans are account takeover fraud victims.

22% of adults in the US have had their accounts taken over, which adds up to over 24 million households.

Hackers would usually make the following changes:

  • Change the personal information
  • Request a new card
  • Add an authorized user
  • Change the password

11. 20% of Account Takeovers resulted in financial loss.

(Security.org)

The average amount due to unauthorized access to financial accounts is almost $12,000. 

An account breach can severely damage a business’s reputation. Customers are big on keeping their data safe. Hearing about account takeover fraud on the news could discourage them from opening an account with that business.

✅Pro Tip: 
Being reactive is the key to safeguarding your business from account takeover. It means establishing measures to detect and block fraudsters before they can perform a breach.

12. Account takeover fraud is recognized by 74% of people as a potential hazard.

(Veriff)

According to research, 74% of people know that account takeover fraud poses a threat, and 18% are unaware of what it entails. Another 9% are unsure if they have even heard of it.

13. 93% of banking fraud occurs online.

(Feedzai)

Financial institutions must examine and strengthen their ability to detect, prevent, and mitigate fraud because 93% of banking fraud occurs online, and 83% of all card fraud happens online.

⚠ Warning: 
Documents like bank statements, check stubs, tax-related papers, and credit card applications have enough data to set you up for identity theft if the wrong person gets their hands on the information. Do NOT throw papers like this in your trash bin. Shred them instead.

Cyberattacks on Banks and Financial Institutions

Cyberattacks and data breach incidents remain a major threat to banks and financial institutions. In 2019, Boston Global Wealth reported that financial institutions are more likely to be targeted by cyberattacks.

Listed below are statistics showing why banks are gaining heavy-handed attention from criminals:

14. 43% of bank executives believe their banks are vulnerable to cyberattacks.

(KMPG)

43% acknowledged that their bank might be ill-equipped to protect a client’s data, privacy, and assets against cyberattacks. Meanwhile, only 48% claimed to invest in improving cybersecurity.

15. 3 out of 4 financial security leaders encountered one or more ransomware attacks in 2022.

(Insider Intelligence)

74% of financial security leaders reported being victims of one or more ransomware attacks, with 63% paying the ransom.

💡Did You Know? 
Many ransomware attacks exist, and one of the biggest ones is WannaCry. In 2017, it spread like an epidemic and held hostage the files and data of over 250,000 Microsoft Windows users across 150 countries, causing a $4 billion loss.

16. 92% of ATMs are vulnerable to hackers.

(Positive Technologies)

The lack of hard drive encryption exposes 92% of ATMs to various attacks. A hacker can link to an ATM, deactivate security mechanisms, and control the cash dispenser.

Researchers also found that 85% of ATMs need better security against network attacks like spoofing the procession center.

17. $1 billion was lost from 100 banks in over 30 countries due to cyber theft in the past two years.

(Proofpoint)

A hacking group called “Carbanak Cybergang” is thought to be behind the attacks. To avoid suspicion, the gang confined the heist at each bank to $10 million.

Most compromised banks were Russian, but 30 other nations, including Japan, Europe, and the US, were affected.

💡Did You Know? 
Carbanak leader was arrested in Spain in 2018. Europol reported that the arrest resulted from a solid investigation with the help of different authorities. The attackers initially planned to target over 100 financial institutions across 40 countries.

18. Banks and other financial businesses are the targets of 25% of all malware attacks.

(Forbes)

More malware attacks hit banks and other financial services companies than any other industry. Compromised credit cards increased by 212%, credential leaks by 129%, and malicious software by 102%.

Phishing Statistics

Phishing is a growing threat and becoming more widespread every year. With nearly 145 billion spam emails sent daily in 2021, it is the most common form of cybercrime.

In this last section, you’ll learn the examination of phishing data on the global economy:

19. Email is used in 96% of phishing attacks.

(Verizon)

Email is the primary method of delivery for 96% of phishing attacks. Just 1% are committed by phone, while another 3% happen on malicious websites.

✅Pro Tip: 
An anti-phishing add-on on your browser would be wise. Most browsers, if not all, enable you to install add-ons that spot the signs of a malicious website. They are also typically free.

20. 97% of people are unable to identify a sophisticated phishing email.

(BusinessWire)

Only 3% of the roughly 19,000 survey participants from 144 countries could correctly identify every example, and 80% of participants got at least one of the phishing emails wrong.

✅Pro Tip: 

Phishing emails are usually from the public domain. For example, an email address that reads ‘paypalsupport@gmail.com.’ At first glance, it seems legitimate. 
However, you should take note that the essential part of the email address is what comes after the @ symbol. It indicates the org from which the email has been sent. 
If the email is from ‘@gmail.com’ or a different public domain, you can be certain it comes from a personal account.

21. FBI recorded 241,342 victims filing phishing complaints.

(FBI)

With 241,342 victims filing complaints, phishing was the most common cybercrime reported to the FBI in 2020.

Here are the top five reported crime types for 2020:

phishing complaints

22. 26% of Americans have been exposed to email phishing attempts.

(AICPA) 

Three in five (60%) of US adults report that they or a family member have been victimized by a scheme, including:

  • Fraudulent IRS letter, email, or telephone: 34%
  • Credit card number theft: 28%
  • Phishing emails: 28%
  • Fraudulent disaster relief solicitation: 18%
  • Opening new credit: 11%
  • Pyramid scheme: 10%
  • Tax refund claim: 6%

23. The average amount lost per phishing attack is $136.

(SurfShark, GetAstra)

Phishing victims lost $136 on average, totaling $44.2 million taken by cyber criminals through phishing attacks in 2021. According to GetAstra, statistics also suggest that over 1.2% of emails are malicious. It is equivalent to 3.4 billion phishing emails daily.

24. 45% of users were exposed to phishing links on their mobile devices.

(Security)

Attackers often use phishing links to send malware to a device that can stay on the device for a long time and continue to steal data.

Wrap-up

Online banking is a convenient and safe way to store money. However, the statistics in this blog show that you should be cautious due to the prevalence of online bank fraud and growing cybercrime in the banking industry.

Consider establishing a more secure way to access your bank accounts online using secure passwords and network connections.

FAQs on Account Takeover Fraud

How do I recognize phishing emails?

Phishing emails are almost impossible to recognize. However, some visual signs might help, such as poor grammar, unusual sense of urgency, instruction to send money, etc. 

What do I do if my bank account has been hacked?

Contact your bank or card issuer. If funds have been withdrawn, they will secure your account and prevent further withdrawals.  

Can I get my money back after getting hacked?

Yes, your bank must refund any money taken from you due to fraud and identity theft. 

Sources:

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Construction Industry Statistics https://balancingeverything.com/construction-industry-statistics/ https://balancingeverything.com/construction-industry-statistics/#respond Mon, 17 Oct 2022 16:39:09 +0000 https://balancingeverything.com/?p=3453 The construction market in the US—one of the largest in the world—is at a particularly critical juncture, with both major challenges and opportunities. The last decade has been a roller-coaster ride for the construction industry. The following construction industry statistics promise a future just as interesting. This article focuses on the industry’s critical aspects, including […]

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The construction market in the US—one of the largest in the world—is at a particularly critical juncture, with both major challenges and opportunities. The last decade has been a roller-coaster ride for the construction industry. The following construction industry statistics promise a future just as interesting. This article focuses on the industry’s critical aspects, including its growth potential, employment figures, safety-related data, and cost overruns caused by waste. Read on for a comprehensive picture of the state of the construction industry in the US.

Top Construction Industry Statistics (Editor’s Choice):

  • Construction spending in the US will be worth $1.8 trillion by 2025. (Statista)
  • US new home construction jumped nearly 70% from 2020 to 2021. (Statista)
  • The US spends one-tenth on infrastructure in terms of GDP share compared to China. (Statista)
  • The US construction industry needs 2.2 million workers in the next three years. (Business Insider) 
  • The annual cost of fatal construction injuries in the US is $5 billion. (Midwest Economic Policy Institute)
  • Buildings account for 37% of energy-related CO2 emissions globally. (Global Alliance for Buildings and Construction)

Construction Industry Facts

1. Total annual construction spending in the US was estimated to be $1,677 billion in January 2022.

Until late 2019, experts predicted a slowdown in US construction spending. While overall spending saw a drop in early 2020, there has been a consistent uptick since, despite the negative impact of the pandemic on all industries. The January 2022 figures marked an increase of 8.2% over the prior-year period.

(US Census Bureau)

2. US construction spending is estimated to reach $1,797 billion by 2025. 

Despite the impact of COVID-19, construction stats suggest that industry spending will continue growing in the near future, achieving a CAGR of over 4% between 2020 and 2025. Note that these construction industry growth predictions are from 2020, and the actual figures for 2021 and 2022 have already surpassed estimates. This indicates that the final spending numbers by 2025 are also likely to be notably higher.

(Statista)

Construction Spending in the US Over the Years With Forecasts

3. Value added by the construction industry accounted for 4.3% of the US GDP in 2020.

Value added is the enhancement of products or services before they are offered to customers. At a 4.3% share, the industry is a critical contributor to the US GDP, construction facts show. At the same time, this is markedly lower than the industry’s 5%+ share before 2007 and the subsequent financial meltdown. This share was the lowest (3.4%) between 2011 and 2012 but has almost consistently risen ever since.

(Statista)

4. New home construction in the US in April 2021 was about 67% higher year-on-year.

New home construction reached its lowest point (505,000 units) in early 2009 in the wake of the global financial crisis. The more-or-less consistent growth in the size of the construction industry since then saw another significant drop in early 2020 — from about 1,617,000 units in January to 1,269,000 units in March. Construction statistics point to an even faster recovery since then, despite pessimistic predictions from experts. This growth in the construction industry size is expected to continue in the near future. 

(Statista)

New Home Construction in the US Over the Years

5. Of the total annual construction spending in the US, almost 80% is private spending. 

Spending on private construction in the US was at a seasonally adjusted annual rate of $1,326.5 billion as of January 2022. The total expenditure is roughly equally divided between residential and nonresidential spending. As expected, however, much of the residential spending (nearly 99%) is private. Most public spending ($341.7 billion) is on nonresidential construction. Construction industry statistics also show a significant portion of private spending ($497.2 billion or 37% of private spending) going into nonresidential construction. 

(US Census Bureau)

6. At 5.56%, China spends the largest share of its GDP on infrastructure construction and maintenance.

By contrast, the US spends only 0.55% of its GDP on construction and maintenance activities. According to the IMF, the nominal GDP in 2021 of the US and China was $23 trillion and $17 trillion, respectively. Some of the other prominent countries with figures higher than the US are Australia (1.69%), India (1.08%), Turkey (1.04%), Japan (0.95%), and the UK (0.91%). One of the key facts about the construction industry in the US is the dire need for an increase in spending to repair the aging infrastructure. 

(Statista)

Global Spending on Infrastructure Construction and Maintenance as a Share of GDP by Selected Countries

7. By 2050, nearly 6.7 billion people will live in urban areas.

A massive increase from about 4 billion in 2015, with the most significant contribution coming from Asia (nearly 3.5 billion in 2050). Similarly, the urban population in Africa will grow almost three times, from 491 million in 2015 to 1490 million in 2050. In North America, the urban population was about 110 million in 1950, rose to 290 million in 2015, and is expected to reach about 390 million by 2050. This rapid urbanization could lead to a spurt in construction industry revenue but also present challenges.

(Statista)

Population Living in Urban Areas Globally by Region

Construction Industry Employment Statistics

8. The construction sector employs over 7 million people in the US. 

While this figure for mid-2021 was slightly lower than for earlier months, the number of people employed in Construction has steadily risen since early 2011. The early days of the pandemic saw a sudden drop to around 6.5 million; however, there was an equally quick recovery as demand for houses increased.

(Statista) 

Number of People Employed in the Construction Industry in the US Over a 22-Year Period

9. Hispanic workers make up 28.6% of the US construction workforce.

In contrast, the share of Hispanic workers in the general US workforce is 16.4%. US construction industry demographics stats, meanwhile show that workers in this sector are also more likely to be foreign-born (24.7%) than the general US workforce (17.1%). Women in construction, statistics show that they comprise less than 10% of the workforce, compared to a much higher figure of 46.8% in the overall US workforce.

(The National Institute of Occupational Safety and Health)

10. Baby boomers comprise about 23% of the US construction workforce.

Statistics show that construction industry employees in the US are slightly older than the national average, with 40% belonging to Generation X and only 37% being millennials. The lower enthusiasm among the younger generation to join the industry is one of the reasons for the labor shortage construction companies face. Construction stats also point to the drop in immigration to parts of the US that traditionally rely on skilled migrants.

(Statista) 

11. The US construction industry needs 2.2 million more workers over the next three years. 

The demand for new homes has surged during the pandemic thanks to home improvements, people retiring ahead of schedule, and millennials reaching peak years of household formation. In a time of booming demand, the lack of a sufficient qualified workforce is a limiting factor. These construction labor shortage statistics include requirements in related professions like carpenters and electricians. Construction accounting is another area where experienced professionals are in demand.

(Business Insider) 

12. More than 70% of construction contractors report difficulty hiring pipelaying professionals.

However, pipelayers are not the only professionals that contractors have difficulty finding. The difficulties in filling professional positions in the construction industry are evident across the board. For instance, a survey of leading contractors in the US reveals that 68% face difficulty hiring sheet metal workers, with similarly high figures for carpenters (67%), concrete workers (67%), pipefitters/welders (66%), and cement masons (66%).

(Statista) 

Craft Professional Positions in Construction that Contractors Have Difficulty Hiring in the US

13. Construction statistics show an average salary increase of 3.4% in 2020 compared to the average growth of 2.9% across all industries.

One way companies are tackling the labor shortage in construction is by offering higher wages, along with more benefits and on-the-job training. Interestingly, construction salary increases have consistently outpaced the overall industry figures since 2010. Construction salary increases in 2021 are also expected to have averaged 3.3%, higher than the all-industry average of 2.9%.

(Associated General Contractors of America) 

Changes in Construction Staff Wages Over the Years

Construction Safety Statistics

14. Construction accounted for over 1,000 fatal injuries in 2020, the highest across all industries.

The other industries in the top three on this parameter are transportation and warehousing (805 fatalities) and agriculture, forestry, fishing, and hunting (511). However, in terms of fatal work injuries per 100,000 full-time workers, construction was in the third position at a rate of 10.2. Agriculture (21.5) and transportation (13.4) scored worse on this parameter, while other industries, such as wholesale trade (4.6), leisure and hospitality (2.5), and manufacturing (2.3), proved much safer.

(US Bureau of Labor Statistics) 

15. One in three construction-related fatalities is caused by falls.

Per construction accident statistics, falling from a height is responsible for a little over 36% of deaths in construction in the US. Such incidents also increased nearly 5.4 percentage points over the previous year. The other prominent causes of fatalities, according to the latest statistics, are struck-by incidents (15.4%), electrocutions (7.2%), and caught-in/between incidents (5.4%). 

(The Center for Construction Research and Training) 

16. Fatalities among Hispanic construction workers have risen by about 90% in the past decade.

This increase has far outpaced the 55% growth in the number of Hispanic workers employed in construction. In contrast, fatality figures among non-Hispanic workers have remained roughly constant over this period. Construction injury statistics also show that small employers with fewer than 20 employees account for 75% of fall-related construction fatalities. Since such employers make up only 39% of construction payroll employment, the significantly higher share of fatal accidents indicates a laxer attitude to safety.

(The Center for Construction Research and Training)

17. Fatal construction injuries cost the US an estimated $5 billion annually.  

These costs include healthcare expenses, lost income and production, and reduced life quality for family members. Additionally, research by Liberty Mutual shows that workers’ compensation claims for nonfatal injuries account for $2.5 billion annually. On the other hand, OSHA figures reveal that companies save $4 to $6 for every $1 invested in safety and health programs.

(Midwest Economic Policy Institute)

Construction Waste Statistics

18. Building material will account for over 1 billion tons of solid waste generated annually by 2025.

The total solid waste generated by cities is expected to rise to 2.2 billion tons worldwide by 2025, about half of which will come from construction-related activities. These activities include the demolition of buildings, real estate renovations, and building roads and flyovers. As countries become more conscious of sustainable development, policies are being formulated to increase construction waste recycling.  

(Transparency Market Research) 

19. The C&D debris generated in the US in 2018 was more than 2x the amount of municipal solid waste generated.

According to the latest construction industry waste statistics from the US EPA, of the 600 million tons of construction and demolition (C&D) debris generated in 2018, more than 90% came from demolition activities. Of these, a little under 145 million tons were sent to landfills. More focused steps are needed to direct more of this waste to subsequent use as it helps reduce building project expenses, creates employment in recycling industries, reduces environmental issues, and conserves landfill space.

(US Environmental Protection Agency) 

20. Recycling asphalt saves the US taxpayer over $2.5 billion yearly.

Construction waste statistics objectively prove the benefits of recycling and avoiding dumping C&D waste in landfills. Apart from the above data point from the National Asphalt Pavement Association, stats from the Construction & Demolition Recycling Association reveal that 4,300 acres of landfill space are saved by recycling 538 million tons of C&D waste. Per the US EPA, recycling C&D materials has also created over 200,000 jobs in the US.

(Rubicon) 

21. Buildings accounted for 36% of global energy demand and 37% of energy-related CO2 emissions in 2020.

These figures represent significant improvements over 2015. However, if the effect of the COVID-19 pandemic is excluded, the decarbonization levels in 2020 are at only 40% of the 2050 reference path to achieve the Paris Agreement goals. Construction pollution statistics also raise the fear that the levels will go back up with the post-pandemic resumption in economic activity. 

(Global Alliance for Buildings and Construction)

22. Investment in building energy efficiency worldwide reached more than $180 billion in 2020, up from $129 billion in 2015.

However, most of this increase was in a few European countries. The absence of broader investment is likely insufficient to tackle efficiency improvements in the existing global building stock. Recent construction industry data also raises concerns as 82% of the population to be added by 2030 will live in countries without stringent building energy codes.

(Global Alliance for Buildings and Construction)

23. Thefts result in losses of up to $1 billion per year to the US construction industry

Construction cost overrun statistics from agencies like the National Equipment Register estimate that losses from equipment theft alone amount to almost $400 million. Common reasons that make construction sites particularly vulnerable to thefts include the ease of access to valuable materials, lack of security, remote locations of many projects, and significant downtimes. 

(Twenty20 Solutions) 

24. Lumber prices topped $1,515 per thousand board feet over the pandemic from $350-$500. 

Incidents of theft have seen a particular surge in recent times because the housing boom during the pandemic has been coupled with an unprecedented increase in the prices of materials. Construction site theft statistics show that this makes theft and resale on the black market even more lucrative. 

(Fortune) 

25. More than 80% of US construction companies have not implemented process automation.

A survey of leading representatives of construction project owners and contractors showed that an additional 12% had just started implementing robotic process automation or digital labor systems by 2017. Such statistics point to the significantly slow adoption of new technologies like construction accounting software and robotics in the US construction and engineering industry. 

(Statista)

26. Construction is the fastest-growing commercial adopter of drone technology in the US. 

Despite the previous point, the construction and engineering industry is at the forefront of adopting some technologies. Drones are often used in construction to collect real-time data and improve project tracking through much faster mapping.In terms of using drones in construction, statistics from 2017 show an increase in use at job sites by 239% over the previous year. It’s significantly higher than the figures of 198%, 172%, 171%, and 118% for mining, agriculture, surveying, and real estate, respectively.

(DroneDeploy) 

Use of Drones in Construction

The Bottom Line 

The construction industry is a crucial driver of economic growth in the US and globally. Therefore, it needs to continue improving on fronts like worker and environment safety, waste control, and technological adoption. The construction industry statistics above indicate tremendous potential for growth; however, it is equally clear that much-needed improvements will have to come through as well for this potential to be achieved.  

References: US Census Bureau, Statista, Statista, Statista, Statista, Statista, The National Institute of Occupational Safety and Health, Statista, Business Insider, Statista, Associated General Contractors of America, US Bureau of Labor Statistics, The Center for Construction Research and Training, Midwest Economic Policy Institute, Transparency Market Research, US Environmental Protection Agency, Rubicon, Global Alliance for Buildings and Construction

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Photography Statistics https://balancingeverything.com/photography-statistics/ https://balancingeverything.com/photography-statistics/#respond Thu, 05 May 2022 19:19:06 +0000 https://balancingeverything.com/?p=3192 Snapping moments in time is a wonderful and amazing gift that modern technology brought to us and that we often take for granted. Nowadays, photos are everywhere, from our walls to our screens. In fact, we can snap a photo and send it across the globe with just a flick of the thumb. A lot […]

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Snapping moments in time is a wonderful and amazing gift that modern technology brought to us and that we often take for granted. Nowadays, photos are everywhere, from our walls to our screens. In fact, we can snap a photo and send it across the globe with just a flick of the thumb. A lot can be said about this subject, so we’ve prepared the most essential photography statistics to give you a comprehensive image of the latest goings-on in the field.

Photography Statistics (Editor’s Choice)

  • Canon and Sony combined own 70% of the camera market. (DigitalCameraWorld)
  • It’s estimated that 1.6 trillion photos will be taken in 2023. (Mylio)
  • Android devices record somewhere around 93 million captures every day on Android gadgets. (3dInsider)
  • Nearly two-thirds of German households own a digital camera. (Statista)
  • 22% of returned products ordered online are due to disparities between the displayed photo and reality. (PixelPhant)
  • 12,458 companies are currently operating in the photography services industry in the US. (Splento)

Statistics on the Photography Industry

1. The photography industry value in 2021 was projected at $36.42 billion.

This represents a solid recovery from the slowdown caused by the pandemic and subsequent lockdowns, as the industry expanded with a 10.6% CAGR from 2020’s $32.92 billion. Forecasts for 2025 place the sector’s value at a massive $44.07 billion after a steady growth with a 5% CAGR.

(1kCreatives)

2. Canon owns 48% of the market, with Sony (22%) and Nikon (14%) trailing behind. 

Fujifilm is also a solid competitor, boasting a not too shabby 5.6% market share. Panasonic comes in last with 4.4%. As photography industry statistics reveal, small manufacturers like OM Digital Solutions (Olympus), Hasselblad, Pentax, and others account for the remaining 6.3%.

Compared to pre-pandemic figures, Canon and Sony’s combined share climbed 4.4%, Nikon dropped by 4.9%, and Fujifilm grew by 0.9%. Even as such, product shipments declined dramatically, going down by 40.3% year-on-year. Only 8.85 million cameras were shipped in total. The top five manufacturers accounted for no less than 93.8% of those, according to photography market size data.

(DigitalCameraWorld)

3. The share of pictures taken using a mobile phone will reach 93% in 2023.

Photography market statistics reveal that this number has been on the rise continuously, increasing from 89% in 2020. Of course, the real explosion in smartphone photos happened around the dawn of the 2010s when the devices and social media networks started gaining mainstream adoption, as photography industry trends reveal.

(Mylio)

4. Camera sales have dropped 84% since 2010. 

No doubt, the overall fall in sales and subsequent damage to the photography industry were also largely caused by the widespread adoption of camera-equipped mobile phones. While the technology on those initially lagged way behind the well-established traditional cameras, statistics on photography reveal that the industry has never been the same since.

(3dInsider)

5. Photos on Facebook get 20% more engagement than videos. 

Not only this, but the difference in engagement between image and text posts is a whopping 352%. What is more, articles accompanied by a relevant image get 94% more views. 

(KellyCheckPhotography)

6. It was estimated that 1.12 trillion photos were taken in 2021 alone. 

This places the average number of photos taken per person somewhere around 185, according to photography popularity statistics. A gigantic amount of digital storage space is required to maintain this immense volume. Current estimates place the number of stored photos at 8.29 trillion while projections for 2022 say the number will hit 9.29 trillion.

(Mylio)

7. 90% of consumers only took photos with a smartphone. 

When surveyed, 223 out of 400 respondents admitted to taking between one and four selfies per day. Google meanwhile claims to record somewhere around 93 million captures per day on Android devices. Photography facts and statistics from one photography industry analysis further show that 48% of Americans edit images before posting them on social media. 

(3dInsider)

8. The average family adds more than 3,000 photos and videos per year to their collection. 

However, 11% of them would delete over 50% of their library if they had the time to do so. Organizing a backlog as large as the one the typical family holds is estimated to take 45 hours of work per year in maintenance. Family photography statistics also tell us that 30% of households own more than 15,000 accumulated pictures and videos. 

(EverPresent)

9. UK digital camera sales totaled £37.16 million ($50.42 million) in 2020.

Although globally sales are declining, UK manufacturers are doing better than ever, since in previous years their revenue was on the rise. In 2019, there was £33.39 million ($45.28 million) in total sales while in 2018 the number was £28.3 million ($38.38 million), which points to a healthy consistent increase. 

(Statista)

10. 61.4% of households in Germany own a digital camera.

While this is the current number, the figure has been falling from an all-time high of 75.6% recorded in 2014, according to photography industry trends. Although in the 2000s many Germans bought cameras, as the technology shifted, so did consumer preferences. As such, fun facts about photography reveal that the share of households owning a digital camera grew from 19.4% in 2004 to 48.7% in 2007, while the latter part of the 2010s witnessed a steady decline.

(Statista)

11. According to a photography industry analysis, action cameras sold a total of $2.3 billion worldwide in 2020.

Of course, this segment is dominated by the well-known GoPro brand. Forecasts meanwhile place the future value of sales in 2028 at $4.4 billion, after growing at a CAGR of 8.3%, according to photography stats and facts.

(Statista)

12. GoPro shipped a total of 282,000 units in 2020.

Although this number may seem pretty impressive, photography market research reveals that GoPro has been actually facing declining numbers since 2019’s 426,000 units shipped. This doesn’t come as a surprise since many people were stuck indoors for much of the year. However, even when looking at the overall data we can see the trend of declining shipments. The all-time high was hit in 2015 when 658,400 units were delivered. 

(Statista)

13. Digital imagining accessories recorded $39 million in total wholesale trade volume in 2021.

Interesting facts about photography show how auxiliary devices and accessories are also suffering falling sales. As such, in 2020, total wholesale sales were worth $55 million, dropping from $83 and $116 million in 2019 and 2018, respectively. The future isn’t looking bright for this segment either, with projections placing the total 2022 wholesale trades at $30 million, marking another significant year-on-year decline. 

(Statista)

14. There were only 2.38 million shipments of DSLR cameras in 2020.

As the available information on the photography market size shows, all device types are losing ground rapidly to mobile phone cameras and not even DSLRs can save themselves. To be more specific, statistics about photography show that in 2019, the number was much higher, at 4.5 million total shipments. Moreover, even this is small considering that the figure stood at 10.55 million in 2014 and a whopping 16.2 million at its all-time high of 2012. 

(Statista)

15. Wearable cameras will hit 814 million in sales by 2025 in China. 

Although facts about photography point to a general decline in the majority of the market’s segments, some niches seem to be booming. Wearable cameras are definitely one, especially in China where sales are growing tremendously year-over-year. Currently, $341.24 million worth of sales were recorded in this niche in 2021. This represents a rather rapid growth from as little as $52.3 million in 2014. 

(Statista)

16. 50% of adults believe selfies are annoying. 

Although the photography industry overview shows that cellphone cameras are shooting up in popularity to the detriment of their traditional camera counterparts, the staple of the newer photography trends, the selfie, is hated amongst the general population. 38% of Gen Zers would choose a vacation destination based on its ”instagramability”.

(Forbes)

17. 62% of adults in the US have taken a selfie at least once, according to portrait photography statistics.

The group that comprises most of the figure consists of those between the ages of 18 and 34 since no less than 82% of them ever took a selfie. 63% of people aged 35-54 and 44% of those 55 and older have taken a selfie at some point in their lives.

(Statista)

18. Half of all Americans take pictures of their food.

31% only like to snap images of the food they cook while 22% do it for meals from special occasions like parties and weddings. According to food photography statistics, 20% like to immortalize the courses they ordered while 13% do it for meals that someone they know cooked. 

(Statista)

19. 2.5 billion unlicensed images are stolen every day. 

This figure places the estimated total damages at a whopping $600 billion per day. Intellectual property theft is just one of the industry’s risks though, which is why a lot of professionals opt for photographer insurance. 

(PDOnline)

20. Videographers and photographers pay a median price of $65 per month on insurance. 

This amounts to a median photography insurance cost per year of $295 and a policy deductible of $500. Freelancers operating in the industry have lower costs, at only around $22 per month or $259 annually. 

(InsureOn)

Photography Business Statistics

21. The US photography industry is among the 40% most profitable ones. 

12,458 registered firms are operating in this niche in the US and the number is growing at an estimated 2.5% each year. In the UK, there are 8,119 companies and the industry’s annual growth rate stands at 2.2%.

(Splento)

22. 75% of shoppers base their decision on the product photos they see on an ecommerce website. 

Product photography statistics further reveal that 22% of the people who returned a product after purchasing it online have done so because it looked different than its advertised image. Also, quality visual content is 40% more likely to be shared on social media. 

(PixelPhant)

23. 360-degree product photos lower product delivery decline rates by 15%-50%. 

This photo type also is known to increase the duration of online visits to a website by 32%. In consequence, customer satisfaction increases by 50% as well, according to photography statistics.

(PixelPhant)

24. Properties with high-quality images in their listings get 47% higher per square foot offers. 

Although real estate agents who employ professional photographers earn twice as much, only 35% of them actually do so. Real estate photography statistics reveal that 32% of houses with high-quality pictures sell faster. Also, homes that have listings containing just one photo spend an average of 70 days on sale while houses with a minimum of 20 pictures stay for just one month. 

(PhotographyForRealEstate)

25. 72.2% of realtors claim that high-quality photos help them win more listings.

Considering that homebuyers spend approximately 124 hours looking for a house, studies have shown that using pictures can retain the viewer’s attention for 20 seconds. It’s no surprise that homes with professional images receive 61% more views. Moreover, drone photography for real estate statistics indicate that house listings that showcase aerial footage sell 68% faster than those that do not.

(PhotographyForRealEstate)

26. 87% of internet searchers found photos to be the most useful feature in a home listing.

This is especially important since Google searches regarding home buying have soared 950%. Those looking to buy a property meanwhile are spending 60% of the time looking at the photos and only 20% on the description. Professional real estate photography statistics reveal that 80.2% of buyers believe the front photo is the most important one in the photoshoot.

(PhotographyForRealEstate)

27. The commercial photography industry in the US averages an annual growth of 1.9%.

The total value of the market stands at a staggering $1.8 billion in revenue. Currently, 3,803 companies are operating in the industry. The average sales per company are $500,000 while the average employee productivity stands at $166,111. According to commercial photography industry statistics, the mean payroll per employee in this industry is $42,500. Of course, this is just an average and real figures vary, for example, in California, it’s $61,130.

(MarketResearch)

28. Small businesses operating in the wedding photography niche reportedly make an average of $54,300 in revenue per year. 

The typical wedding photo package is priced at $3,000. These businesses also have some expenses, usually to the tune of around $17,400 on average. The majority of their operational costs consist of equipment, travel, and advertising. Wedding photography industry statistics confirm that photographers spend about $1,800 on advertising and $1,226 on continued education per year. 

(PhotoBugCommunity)

29. 55% of wedding photographers use a Cannon device. 

27% prefer Nikon while 13% use Sony cameras. Fujifilm also manufactures equipment that 3% of photographers in question like to use. Finally, Leica holds 1% while various smaller brands account for the remaining 2%. Word of mouth is the most popular channel for acquiring leads in this industry, followed by Instagram and Facebook, according to wedding photography statistics. 

(PhotoBugCommunity)

30. 67% of consumers believe the quality of a product image is very important when choosing what to purchase. 

Also, 90% of shoppers claim that a high-quality image is the number one factor in an online purchase decision. 60% of customers are more likely to contact a business they intend to buy from if an image shows up in their search results, instead of only text content. 78% of online shoppers want product images to represent their usage as it was part of their own life. 

(Odettephotoart)

Photography Career Statistics

31. Currently, there are 34,301 active professional photographers.

Out of those, 50.2% are women and 45.6% are men. The average age of somebody working in this business and earning a full-time photographer salary is 38 years old. The majority (71.8%) of professionals are white, while a significant part are Hispanic or Latino (13.8%). The remaining 5.6% is represented by African Americans. The majority of those working in this sector live either in New York or Los Angeles, according to photographer statistics. 

(Zippia)

32. The average photographer income starts at $26,000 for an entry-level job. 

Of course, as with any profession, photographers wages also swell up alongside experience. The average experienced photographer’s wage gravitates towards a total yearly income of $44,451. Information on the photographer pay scale also reveals that the top 10% of professionals from this industry get to enjoy yearly earnings of $73,000 or more.

(Zippia)

33. The median annual wage of a fashion photographer is $42,640, fashion photography statistics show.

This brings the median photographer hourly wage to $20.50. Nationally, there are 48,660 artists currently working in the industry. 

(MyMajors)

34. 54% of professional photographers hold a bachelor’s degree.

22% of them have an associate’s while 10% and 7% have high school and master’s level education respectively. The remaining 7% hold various other degrees. Those with a master’s degree earn about $50,000, photographer salary statistics reveal. 

(Zippia)

Frequently Asked Questions

When was the photo camera invented?

The first camera was invented by Nicephone Nepce in 1816. It took the first photo with the assistance of a piece of paper coated in silver chloride.

(HistoryThings)

How many photographers are there in the US?

At the time of writing, 34,301 active professional photographers are employed or practice this job in one form or another. 

(Zippia)

What percentage of photographers are successful?

60% of photographers fail in the first year they are in business. 25% go under in the second year. Only 15% make it to the third year and onward.

(DigitalPhotography) 

Is photography a growing market?

As photography statistics show, the segment has grown 0.4% yearly from 2017 up to 2022. 

(IbisWorld)

What type of photography makes the most money?

When we look at the salaries of photographers, portrait photography seems to be the highest-paid since they earn an average of $50,000 per year. 

(PhotographyCourse)

References: DigitalCameraWorld, Mylio, 3dInsider, Statista, PixelPhant, Splento, 1kCreatives, KellyCheckPhotography, Mylio, EverPresent, Statista, Statista, Statista, Statista, Statista, Statista, Forbes, Statista, Statista, PDOnline, InsureOn, PhotographyForRealEstate, MarketResearch, PhotoBugCommunity, Odettephotoart, Zippia, MyMajors, Zippia, HistoryThings, DigitalPhotography, IbisWorld, PhotographyCourse

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Credit Score Statistics https://balancingeverything.com/credit-score-statistics/ https://balancingeverything.com/credit-score-statistics/#respond Thu, 03 Mar 2022 22:00:00 +0000 http://34.220.122.121/?p=2941 Nowadays, an invisible force is following Americans everywhere, guiding their decisions and impacting their actions. No, we’re not talking about something supernatural here – it’s just their credit score! This magical number has helped develop the financial system and the economy tremendously, while also assisting many in fortifying their finances. However, as credit score statistics […]

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Nowadays, an invisible force is following Americans everywhere, guiding their decisions and impacting their actions. No, we’re not talking about something supernatural here – it’s just their credit score! This magical number has helped develop the financial system and the economy tremendously, while also assisting many in fortifying their finances. However, as credit score statistics show, this number can be both a blessing and a curse. Let’s see what it’s all about!

Credit Score Statistics (Editor’s Choice)

  • The nationwide average credit score in 2021 is 695. (Experian)
  • The US state whose citizens have the highest score is Minnesota. (CNBC)
  • 25% of Americans have a credit score of between 740 and 799. (The Motley Fool) 
  • People with scores of over 825 also hold an average auto-loan debt of $17,990 and a mortgage loan of $200,217. (Experian)
  • 34.8% of Americans have subprime credit scores (EraCrediiServices).

Credit Score Demographics

1. The average FICO score for young people between the ages of 20 to 29 is 662.

Credit statistics also point to this as the group with the lowest mean number, which isn’t surprising at all, since they haven’t had enough time to increase it. Naturally, the data on the average credit score by age shows that those aged 60 and over comprise the bracket with the highest FICO scores, boasting an average figure of 749.

(AmericanExpress)

2. The national credit score average for those aged between 30 to 39 is 673.

Credit statistics also reveal that people 40 to 49 years old have an even higher median score of 684 while the number for those between the ages of 50 to 59 is 706. These figures on the average credit score percentile by age only further underscore the importance of time for accumulating wealth and establishing good credit. 

(AmericanExpress)

3. 84% of those aged 18 are credit invisible.

This means that they have no credit history established with any of the three major credit bureaus — Equifax, Experian, or TransUnion. For those who do have some history, the average credit score by age 18 is 631. 

(CreditSesame)

4. The national average credit score for men is 705.

Credit score distribution reveals that women have a lower mean score — 652. Then, 6% of men have scores lower than 500, compared to 13% of women. As FICO score statistics suggest, this situation is mainly caused by the fact that nearly one-third (31%) of women have at least one if not all of their financial agreements in their partner’s name. 

(CreditKarma)

5. 54% of Black Americans report not having a FICO score or one below 640.

Then, 41% of Hispanic Americans fit into the same category. Meanwhile, the distribution of credit scores shows that only 37% of white Americans and 18% of Asian Americans can say the same. As credit repair statistics reveal, most are struggling to fix their financial situation, and, unfortunately, a lot of the time, a bad start can prove to be almost impossible to make up for. 

(CNBC)

Credit Score Statistics by State

6. The mean FICO score in 33 states is higher than the average American credit score.

Minnesotans boast the highest score in the country, averaging an impressive 739 while those from Mississippi are at the bottom of the list with just 675. Credit score data shows that at the top of score rankings are states like Wisconsin (732), South Dakota (731), Vermont (731), North Dakota (730), and Massachusetts (729).

(CNBC)

7. Louisiana (684), Alabama (686), Texas (689), and Georgia (689) are at the bottom when it comes to the average FICO score.

As credit score knowledge statistics indicate, South Carolina (689), Arkansas (690), Oklahoma (690), New Mexico (694), and Nevada (695) are also states where people have sub-par financial education, on average, as shown by their low mean fico scores. 

(CNBC)

8. Arizona and D.C. saw the biggest mean credit score changes in 2020.

The average credit score in Arizona jumped from 696 to 706 from 2019 to 2020. D.C. residents also enjoyed a 10-point surge over the reported period, from 703 to 713. North Dakota meanwhile saw the smallest rise — from 727 to 730. 

(CNBC)

Good and Bad Credit Score Statistics

9. The percentage of the population with a credit score of over 800 is 20%.

When we look at the data, we can see that 25% of Americans boast a credit score of between 740 and 799. Just over a fifth (21%) of the population have scores in the range of 670 to 739. A small yet still significant subset of US citizens suffer low scores — 18% fit between 580 and 669 score category and 16% go to as low as 300-579, according to the latest bad credit statistics.

(The Motley Fool)

10. Among the percentage of the population with a credit score of over 825, the average utilization rate is 7.7%.

Those with ultra-high scores also have an average auto-loan debt of $17,990 and a mortgage loan of $200,217. Among them, only 1% ever had a payment 30 days past due and less than 1% are likely to seriously become delinquent in the future. 

(Experian)

11. 1% of Americans have credit scores below 550.

Bad credit score statistics also reveal that 17% of consumers paid their credit card loans, and mortgages late in the previous two years. Among them, the majority settle their payments three months late. While 25% of low-income individuals do not know how to improve their FICO score, others turn to credit repair companies for assistance. 

(BadCredit)

12. A fifth of US consumers have been delinquent for more than 30 days.

As many as 20% of Americans meet their obligations more than a month late. Others meanwhile never do — 659,881 of US citizens filed for bankruptcy in 2020, bad credit statistics show. This, however, marks a fall compared to 2016 when 793,932 Americans did the same. 

(BadCredit, USCourts)

FAQ

How many Americans have bad credit?

Just over a third (34.8%) of Americans have subprime credit scores (of between 580 and 669). 

(EraCrediiServices)

What percent of Americans know their credit score?

Surveys show that a whopping 38.10% of people are unaware of their actual credit score. 

(YahooFinance)

What percentage of the population has a credit score of over 800?

Just 20% of Americans have a FICO score that is 800 or higher. This means that only one in six consumers can boast this enviable level of financial credibility.

(The Motley Fool)

What percentage of the population has a credit score of over 700?

Credit score statistics reveal that 59.2% of the population enjoys a score of over 700, which is considered a fair to good tally. 

(CreditStrong)

What is the average credit score?

According to Experian’s 12th annual State of Credit report, the nation’s average credit score stands at 695 in 2021, marking a rise from 688 in 2020.

(Experian)

What is the average credit score for a 25-year-old?

Although many might not even have a credit score at this age, considering those who do, the average one is 660, which is considered ”fair”.

(CreditGlory)

What is the average credit score by the state?

In 33 states, the average score is higher than the nationwide mean of 710. The state whose citizens enjoy the highest average is Minnesota with (739), and the one with the lowest is Mississippi with 675, according to FICO score statistics. 

(CNBC)

Is 820 a good credit score?

820 is an excellent credit score that will pretty much bring forth almost the same benefits as someone who has the maximum of 850.

Does anyone have an 850 credit score?

Although very rare, a perfect score of 850 does exist. In fact, 1.2% of all FICO scores in the United States currently stand this tall. 

(Experian)

What is the average credit score for a 30-year-old?

Credit statistics point out how for those in the 30 to 39 years old bracket, the average FICO score is 637. 

(AmericanExpress)

How rare is a perfect credit score?

Very rare. So rare that only 1.2% of all Americans can boast that they have it. 

(Experian)

Does anyone have a 300 credit score?

From the 294 million ”scoreable” consumers, only 0.01 have a score so low as 300, according to credit score statistics. 

(Credit.com)

References: Experian, CNBC, The Motley Fool, Experian, EraCrediiServices, AmericanExpress, CreditSesame, CreditKarma, CNBC, BadCredit, USCourts, YahooFinance, CreditStrong, CreditGlory, Experian, Credit.com

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Average Cost of Internet https://balancingeverything.com/average-cost-of-internet/ https://balancingeverything.com/average-cost-of-internet/#respond Wed, 12 Jan 2022 10:00:00 +0000 http://34.220.122.121/?p=2852 The Internet has become so ingrained in our everyday lives that most of us can’t even picture a world without it. So, when going over the prices of utilities and planning your household (or business) budget, you must also consider the average cost of internet. This article will help you with all the info you […]

The post Average Cost of Internet appeared first on Balancing Everything.

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The Internet has become so ingrained in our everyday lives that most of us can’t even picture a world without it. So, when going over the prices of utilities and planning your household (or business) budget, you must also consider the average cost of internet. This article will help you with all the info you need to stay up to date with the internet service cost, be it for necessity or just plain old curiosity.

Average Cost of Internet Stats & Facts

  • The typical American pays $1,475.28 yearly for high-speed internet access.
  • The cheapest unlimited mobile internet subscription on the U.S. market costs $30.
  • Just 50% of households in California may access fiber internet.
  • The prices of internet in Colorado range from $29 to $169.
  • In Ukraine, the typical internet bill is just $5.77 per month.

Average Cost of Internet per Month

As it is with most things, the price of internet will vary drastically depending on various circumstances, most notably, location. For example, the cost that residents of one state must pay may seem ludicrous to what others are getting on the other side of the country, let alone outside the US. 

Then, different companies have different plans with different specifications such as bandwidth. The USTelecom’s 2021 study of the Broadband Pricing Index, however, sheds some light on the average cost of internet and cable per month.

As such, the study shows that in 2021, the national monthly average was $48.42, considering the all-around consumer choice. When it comes to high-speed internet, however, the average paid stood at $74.80. These numbers point to a decline in costs since in 2015, the average cost of internet a month stood at $65.62 while the high-speed option cost consumers $122.94.

(USTelecom)

Average Wifi Cost per Month

The average cost of wifi per month should also incur charges of no more than $50, in general. Those who prefer a more robust package (faster speeds, entire-home wifi, high data allowances) will likely dish out between $60 and $100 for the average wifi bill. 

(Allconnect)

Average Internet Cost per Year

Given the previous calculations taken from studies, we figure out the annual bill. For the average cost of wifi, general packages will not raise the bill to more than $600 while packages that contain more facilities should range between $820 and $1,200. 

Despite the surge in demand due to the pandemic, prices in 2020 dropped 9.3% in real dollars compared to the prior-year period. 

So, for an all-around consumer choice, internet bill average statistics show that the price stands at about $581.04 while considering the cost of high-speed internet per month, the yearly bill should be approximately $1,475.28.

(Allconnect; USTelecom)

What Are the Best Internet Providers?

For consumers who are looking for the most bang their buck and don’t mind cable connection as opposed to fiber optics, Xfinity Internet offers the best deal, with just $29.99 per month, according to U.S.News statistics. 

On the other hand, for consumers who don’t mind spending but expect higher quality and better speed, Spectrum Internet offers hybrid-fiber coax with speeds ranging from 100 Mbps to 940 Mbps. Going with this option should add $49.99 to your calculations of the average cost of cable and internet. 

Other top competitors on the US market include Verizon Internet which charges $39.99 for fiber with speeds between 200 Mbps and 940 Mbps, AT&T which requires $35 monthly for their fiber optics package with speeds from 0.8 Mbps to 940 Mbps, and Cox Internet ($29.99, fiber and cable, 10 Mbps–1,000 Mbps). 

Note that these calculations are based on rough country-wide averages and actual costs may differ locally. 

(USNews)

Cheapest Internet Providers

In some situations, consumers choose their services based on price alone, which is a perfectly valid way of making a decision. We’ve therefore aggregated some of the best options when considering a low average cost of internet service per month as the only requirement.

RCN Internet has the cheapest offer on the market, starting from just $19.99 per month, to which you can expect to add another $4.95 or so for equipment rental if needed. Optimum internet is another great option for those looking for cheap internet. Their plans start from $24.95/month and they also offer the option to not pay any equipment rental fee.

Frontier Internet is another great choice when considering the cheapest internet packages, with the monthly cost for the service starting from $24.99.

(USNews)

The Average Cost of High-Speed Internet

Although we have done a thorough job listing the median cost of cable and internet so far and presented you with what the providers from the US market offer, we haven’t talked much about the different types of high-speed internet and their costs.

Fiber Optics

The technology behind high-speed internet is enabled by a fiber optic cable, through which binary signaling light travels extremely fast. Currently, this is the fastest form of commercial internet available. The average cost of fiber internet is somewhere around $65 per month nationwide. 

(Reviews)

Cable Internet

Cable internet is a much slower alternative facilitated by a modem that uses an Ethernet cable to connect to a router. The speeds using this technology are still relatively high, although not as good as fiber. One advantage to cable internet is that since you are already using a router, you can broadcast a wifi signal through your home at no additional hassle. The average high-speed internet cost for cable is $58/month.  

(Reviews)

DSL

The earliest form of hig-h-speed internet was DSL. Although the previously mentioned alternatives are faster, this option is cheaper, so it still has a significant number of users, because the speeds it delivers are decent enough for the average residential activity. Consumers who have slow to moderate speed requirements and don’t use the internet much may opt for this without care. When using DSL, the average cost of internet bill per month is $43.

(Reviews)

Satellite

One of the slowest options that you may choose is satellite internet. Although it has its obvious disadvantages, satellite internet is useful because it is available absolutely everywhere, as it does not use landlines. The technology behind this internet connection is based on actual satellites and dishes. Considering all its specifications, this internet connection type is great for those who live in rural areas and cannot connect to the network otherwise. For those who chose satellite, the average cost of internet is $91 per month. 

(Reviews)

Dial-up

Although almost obsolete, Dial-up is still used by 3% of Americans. The popularity of dial-up has been declining hastily, as its speed is much slower than the alternatives. It works by using the existing phone lines that homes generally have. The prices of dial-up internet range from $9.95 up to $20 per month for a speed of just 56 Kbps. As it is, this form of internet access may only be used for very light activities like checking emails. 

(Decisiondata)

The Average Cost of TV and Internet per Month

Although declining in popularity, television is somewhat saved by the service provider companies, which usually offer packs containing internet, as well as cable. Nowadays, the stand-alone average cable bill ranges between $60 to $100. Therefore, while a starter plan is $60, a mid-ranged one goes for $75 and a premium is approximately $100. The internet cost for stand-alone packs is usually $50 per month. 

(Reviews)

Although double-play internet and television packages have promotional prices as low as $35 per month and triple-play (plus phone services) around $45, most consumers choose to pay a lot more, for more wholesome services. Consumers who opt to pay for double-play packages, in general, spend $132 per month while the average cost of cable, internet, and phone per month paid by Americans is $165.

(NBCNews)

Mobile Internet Plans

The mobile internet market is surely not devoid of variation, which is a big advantage for users. 

Some of the best plans that we could find are Mint Mobile Unlimited with $30 per month, which is the cheapest unlimited plan, and T-Mobile Essentials which offers the fastest data speeds and browsing without any limits for $60. 

(Reviews)

It’s important to note that the US is the country with the most expensive mobile internet among developed nations, with an average cost of internet bill for mobile of around $35 to $60.

(Credit Donkey)

Average Internet Price for Business

With the current rate of digitalization, looking over the average wifi bill is a necessity for almost any entrepreneur. Still, not all businesses are the same and have the same necessities. While a mom-and-pop shop may get away with a general internet subscription, larger operations must plan more thoroughly. Below we have compiled a list of rough averages that you can expect from service providers.  

Among the most advantageous plans dedicated to businesses, we have found AT&T’s offer of 25 to 500 Mbps download speeds, starting from $50 per month, which is best for dedicated connections. Those who want to avoid having a contract will enjoy CentryLink’s offer which consists of speeds up to 1,000 Mbps for prices up to $199.99 per month.

Entrepreneurs looking to lower their average monthly cost of internet and still get a decent deal will appreciate Frontier’s offer which provides speeds between 12 and 70 Mbps, starting from $49.99 monthly. Our analysis shows that the best plan for businesses when it comes to speeds is Verizon’s, which can reach up to 940 Mbps and it costs between $69.99 and $249.99.

Rural businesses may find it hard to connect to the internet, given the lack of infrastructure. Fortunately, Viasat provides a satellite connection for a decent monthly internet cost. A subscription with this provider will offer you speeds between 35 and 100 Mbps. Should you feel like this option is for you, you must add at least $80 to your average cost of internet calculations.

(HighSpeedInternet)

Average Cost of Phone and Internet Bundles for Business

As most employers will also need to provide a phone subscription besides internet for their workers, we have also compiled a list of the most advantageous bundles that we could find. Of course, the market is filled with offers from different providers who are fighting to bring the best deal to the table. 

As such, we recommend to entrepreneurs looking for the best average cost of phone and internet for a small business to look into what Cox has to pitch. This provider offers various bundles that start from as low as $64.99. Besides business internet and phone, their offer also includes Hosted VoIP Systems. Entrepreneurs looking for an alternative can check out AT&T’s bundles that start from $70 per month.

(Cox; ATTSavings)

Average Internet Cost by State

For a better perspective, we’ll go over internet prices that users can expect at some notable US locations.

Internet Service Cost in New York

New Yorkers looking for a deal may opt for RCN’s offer starting from $34.99 with speeds between 250 and 1,000 Mbps. However, this provider is known for not having complete local availability in New York, but just 36%.

Those who are unable to get this deal and don’t mind ramping up their monthly cost a bit can try HughesNet, which has 100% availability. If you choose to go with this provider, expect to add at least $39.99 to your average internet cost monthly. They will provide a 25 Mbps speed, which is not too shabby.

For the same price as HughesNet, Verizon Fios offers a subscription with speeds of between 200 and 940 Mbps, with 83% of local availability. New York consumers who don’t mind spending to get a better service will find what they are looking for at Spectrum. This provider has speeds of between 200 and 1,000 Mbps for $49.99.

(USNews)

Average Cost of Internet in California

As the United States is a country with such vast land, it can be difficult for internet providers and other similar services to expand. This is why approximately 50% of households in the country have no choice and may only use the services of one provider with fixed high-speed internet coverage in their area.

Fortunately for California residents, there are dozens of internet service providers in this economic powerhouse. Some of the options with the cheapest internet cost per month are Frontier (starting from only $20), Cox ($42.99 lowest price), and Cable One ($45 minimum).

If speed is what you prefer and you don’t mind splurging for it then you will enjoy Verizon and Spectrum’s offers as these operators provide 100 Mbps speeds for $54.99 and $64.99 respectively.

(Flixed)

The Average Cost of Internet in Los Angeles

The Los Angeles area is prosperous and vibrant in all aspects, so it has no shortage of cable, fiber, IPBB, DSL, fixed wireless, or satellite internet. The entire metro area has easy access to fast and reliable cable, while approximately 20% of neighborhoods may also opt for fiber. Of course, satellite is also an option for L.A. residents, no matter their location. Those looking for a good deal on wifi per month can also opt for fixed wireless internet, given they live in one of the covered spots, comprised of more than half of the city.

The cheapest offers from providers in Los Angeles are those from Frontier Communications and Spectrum, which both go for a minimum internet monthly cost of $49.99. On the other end, Spectrum also has packages that may go up to $109.99 monthly but includes speeds of up to 1,000mbps.

(USNews)

The Average Cost of Internet in San Diego

In America’s Finest City, seven internet service providers offer fiber, cable, satellite, fixed wireless, and internet protocol broadband connections. The average speed here is around 127 Mbps and only 32% of the area has fiber optics coverage.

The lowest cost for basic broadband in San Diego is $29.99 while the range of all offers stands between is $30 to $155 for the internet prices per month. Users in San Diego may reach speeds of up to 1,000 Mbps.

(USNews)

The Average Cost of Internet in Colorado

Monthly Internet Cost in Denver

Colorado’s internet structure is generally developed, however, the connection you get will vary across the state. For example, in Denver, there is a decent mixture of different providers competing on broadband offers, but the kicker is 84% of the city’s zones have access to fiber. Internet bills per month across the Mile High City range from $29 to $169. The top speed is around 1,200.

(USNews)

Monthly Internet Cost in Colorado Springs

Colorado Springs also has impressive fiber coverage (75%) and a great average speed of 121.32 Mbps. Here, the average cost of internet service ranges between $30 and $200 while the accessible speed range in Mbps goes from 3 to 1,200. 

The cheapest internet service provider that you will find in this city is Xfinity from Comcast which offers download speeds of around 50 Mbps. Another great option for those on a budget is TDS Telecom which provides speeds of 300 Mbps for $39.95/month. 

Xfinity also provides the fastest internet in Colorado Springs. Their package priced at $84.99 offers speeds of up to 1,200 Mbps.

(USNews)

Monthly Internet Costs in Illinois

The Average Cost of Internet in Chicago

Residents of Windy City can choose between eight different service providers for their internet bill. Unfortunately, the fiber-optics network in Chicago covers only 27% of the city. This is considerably disadvantageous, although the cable option works pretty well for most residential requirements.

The average speed in the area is 116.20 Mbps and monthly subscriptions are priced between $20 to $140. The cheapest provider is WOW! (internet bill per month of $19.99) and the fastest is Xfinity from Comcast (1,200 Mbps for an internet cost of $70 monthly).

(USNews)

Monthly Internet Cost in Naperville

In this area, consumers have a great variety, as 10 different internet service providers compete, resulting in a highly advantageous average cost of cable and internet. Sadly, the city is lacking in fiber access, as only 4% of its area is covered. The average speed in Naperville is somewhere around 122 Mbps while the typical internet bill ranges from $20 to $130 per month.

The lowest that you can get basic broadband for is $19.99 from WOW!. This package offers speeds of around 100 Mbps. Another cheap alternative is Xfinity from Comcast’s service of 50 Mbps for $30 monthly.

(USNews)

The Average Cost of Internet in Georgia

Monthly Internet Costs in Atlanta

The chances of having access to great internet speeds in Atlanta are good, as the area is primarily urban and suburban, plus it’s heavily wired. The rural pockets around the city may have to resort to satellite internet.

Approximately 71% of the Gate City has fiber access. Prices for home internet range from $30 to $299. The cheapest option is Xfinity from Comcast’s package of $30 per month for speeds of around 50 Mbps. On the other hand, the fastest download speeds are provided by Google Fiber (2,000 Mbps) for an internet cost of $100.

(USNews)

Monthly Internet Costs in Augusta

The biggest US internet provider and the one ranked the best in 2021 by U.S.News, Xfinity, is also the most widely available in Augusta. They cover approximately 95% of the city. The average cost of cable TV and internet per month remains competitive, although only six providers are competing in the area. Those companies offer prices between $20 and $150 monthly.

It’s unfortunate that the fiber optics network is not so well developed in Augusta as only 32% of the area has access to it. Xfinity also has the best speeds in this city, providing up to 1,200 Mbps for a great price of $70 per month.

(USNews)

The Average Cost of Internet in Texas

Internet Monthly Cost in Houston

The state’s largest metro area also boasts a lot of internet service providers. Approximately 56% of Houston neighborhoods have access to fiber optics and the average speed recorded here is somewhere around 127.43 Mbps. The top speed can get up to 2,000 Mbps and the price range for home internet starts from $20 and gets all the way up to $260. As expected, the average cost of wifi per month is lower but this option is also slower than fiber.

(USNews)

Internet Monthly Cost in Austin

The average monthly cost of cable and internet in the capital of Texas is pretty advantageous, considering the 14 competitors on the local market. Internet bills in this area vary from $20 to $300 per month. We should also note that the city has a decent enough fiber coverage of 63% and speeds can get to as high as 2,000 Mbps.

The cheapest offer on Austin’s internet market comes from Grande Communication (50 Mbps for $24.99 monthly) while the fastest connection is provided by Google Fiber (2,000 Mbps for $100 per month).

(USNews)

Internet Monthly Cost in Dallas

As the city is home to one of the largest internet service providers in the country, the average internet cost in Dallas is more advantageous than in many other states. Another fortunate advantage of living here is represented by the high chances of having access to the fiber optics network which spans 71% of the city’s area.

The average speed in Dallas is not too shabby either, standing at approximately 132.43 Mbps. The lowest that you can find for broadband is $19.99 while the costliest package shouldn’t exceed $150.

(USNews)

The Average Cost of Internet in Florida

The 21.6 million residents of Florida surely do have a variety of providers to choose from when it comes to their internet service. In this state, all internet connection types are available, be it DSL, fiber, cable, mobile broadband, or satellite internet.

Competing for the top spot in the ”best speed” category are AT&T and Xfinity by Comcast, both offering up to 1,000 Mbps state-wide. Trailing behind them, CenturyLink provides up to 940 Mbps. 

Those looking for the lowest average cost of internet and cable in Florida will be delighted by Frontier’s offer which provides speeds between 50 to 940 Mbps for just $29.99. Windstream also has a good package that has speeds of up to 1,000 Mbps for $26 per month, considering that you get a yearly subscription. Two other internet service providers with great price deals that will lower your average wifi cost per month are Cox ($29.99) and Xfinity ($29.99).

(ISP)

Average Internet Prices Around the World

Average Internet Cost in Developing Countries

One big disadvantage the United States has faced regarding its internet service stems from the level of technological and economical development the country has continually faced in the previous decades. As the old internet infrastructure was being installed in the 1990s, innovations like fiber optics were yet to be adopted.

Therefore, when in the early 2000 fiber became available widely, the United States’s infrastructure was already built and replacing it was more difficult. This is why some of the least developed countries often have higher internet speeds, as they got to adopt fiber first due to their lack of infrastructure at the time. This is also the reason why for a much lower average internet cost per month you can get better service in these countries than in the U.S.

Some developing countries have astronomic costs, for example, Ethiopia ($424.38) and Afghanistan ($334.29). On the other hand, in the majority of them, the prices are not only affordable but even better than in the developed world. Some notable examples include Ukraine ($5.77), Russia ($6.73), Romania ($8.95), Moldova ($9.39), and Vietnam ($10.89). Also, surprisingly, the average cost of internet in India is $10.57.

(Numbeo)

Average Internet Prices in the Developed World

Internet Costs in France

Like in the majority of the advanced economies, internet usage in France is very high. Coffee shops, pubs, and bars often provide free wifi for customers. Your internet access in this country is highly dependent on the area in which you live. While urban zones enjoy high speeds and low costs, residents of rural areas must generally rely on satellite internet. All things considered, the all-around average monthly price of internet in France is $33.

(Numbeo)

The Average Cost of Internet in the UK

Depending on where they reside, citizens of the United Kingdom pay different rates per Mbps. A recent study done by GetAgent reveals that in London the internet cost for one Mbps is £0.62 ($0.86). The same amount of data in the North East will foot a bill of £0.78 per Mbps ($1.09). The South West is the area with the most expensive internet with £0.93 per Mbps ($1.29), followed by Yorkshire which has a price of approximately £0.89 per Mbps ($1.24).

(Glide)

Average Internet Cost in Germany

Up until 1998, one single company held the monopoly of the German telecommunications market and infrastructure. With new laws being passed, tons of competitors flooded consumers with new offers.

Currently, a broadband connection in Germany costs about €20 to €30 per month (roughly $25 to $35). We should also note that although these are the mean prices, there are deals that go to as low as €13.99 (about $17).

Since 2018, companies have been ramping up their fiber optics network development, so speeds have been increasing in Germany.

(SimpleGermany)

Average Cost of Internet in Canada

Canadians typically dish out between $30 and $170 per month for access to the internet, depending on what provider and speed they decide to go with. Unlimited plans are, as expected, more costly than those that are capped and have data fees, given that you don’t go over the limit.

(Finder)

The prices also depend heavily on the area. For example, the average monthly fee in Calgary, Alberta is $79.18. Vancouver residents typically pay $23.09 while the average internet cost in Ontario is $52 per month. In Quebec, costs generally revolve around $53 monthly.

The mean prices in the other provinces are $34.44 in Manitoba, $51.57 in Saskatchewan, $53.50 for Quebec, $63.18 in Nunavut, and $59.26 in Yukon. Residents of Newfoundland have an average internet bill of $65.35, while those from Prince Edward’s Island pay $49.97. In Nova Scotia, the monthly average internet price is $43.98 and in New Brunswick, it stands at $48.35.

(FindInternet; Gonevoip; Offerhub; BroadBandNow)

The Bottom Line

Being connected to the whole world in an instant is a wonderful thing and experiencing it in our lifetime is certainly a reason to be grateful for. What is even more astounding is how impactful and amazing having this connection in our life is, for just such a small average cost of internet, both at home and abroad.

References: USTelecom, Allconnect, USNews, USNews, Reviews, Decisiondata, Reviews, NBCNews, Reviews, Credit Donkey, HighSpeedInternet, Cox, ATTSavings, USNews, Flixed, USNews, USNews, USNews, USNews, USNews, USNews, USNews, USNews, USNews, USNews, USNews, ISP, Numbeo, Glide, SimpleGermany, Finder, FindInternet, FindInternet, Gonevoip, FindInternet, FindInternet, Offerhub, BroadBandNow, FindInternet, FindInternet, FindInternet

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How Much is 6, 7, 8, and 9 Figures? https://balancingeverything.com/how-much-is-6-7-8-and-9-figures/ https://balancingeverything.com/how-much-is-6-7-8-and-9-figures/#respond Sat, 25 Dec 2021 16:59:19 +0000 http://34.220.122.121/?p=2863 You may have heard people referring to salaries by a number of figures. This figure of speech (pun intended) has become so commonplace, we don’t really think about it anymore. And we should, since understanding these references could make a difference in setting and achieving our financial goals. So, let’s dive into the stats and […]

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You may have heard people referring to salaries by a number of figures. This figure of speech (pun intended) has become so commonplace, we don’t really think about it anymore. And we should, since understanding these references could make a difference in setting and achieving our financial goals. So, let’s dive into the stats and facts behind these expressions.

How Much Is a Figure?

A figure represents a single number or digit, meaning, all the numbers from one to nine fit into this definition. While this is the literal definition, the word is often used to describe an individual’s salary or net worth, depending on the context.

How Much Is 6 Figures?

This represents an annual salary of $100,000-$999,999. While in the 20th century this income was reserved only for the most successful, rising wages, higher costs (like the rising cost of college), and inflation have made six figures not only more attainable but also less valuable. 

According to the Bureau of Labor Statistics, the median annual salary in the United States is $51,480. This means that earning even if it’s in the low six figures, your income is still almost double what the majority of the country makes. Around 30.7% of US households earn over $100,000 and 15.5% of Americans earn between $100,000 and $149,999. 8.3% of the population makes between $150,000 and $199,999; and about 10.3% of Americans earn over $200,000.

(PolicyAdvice, RamseySolutions)

Of course, the nationwide numbers don’t paint the full picture. For example, although in Los Angeles the average income of $59,770 per year is a little higher than the country’s mean, home prices are astronomical, more than often exceeding $778,000. On the other hand, in a place like Tulsa, where the average earnings are $47,910 per year, people generally pay around $188,200 for a place to live.

(PolicyAdvice, GoBankingRates)

Then, each state has varying income taxation brackets, impacting income greatly. For example, Colorado (4.55%), Illinois (4.95%), Indiana (3.23%), Pennsylvania (3.07%), and Utah (4.95%) have flat tax rates which are also some of the lowest in the country. In other states, where there are multiple brackets, taxing can get to as high as 14%.

(NerdWall)

Jobs That Earn 6 Figures

Being a doctor and making a lot of money has become somewhat of a trope, so it’s not surprising that they account for a lot of the six-figure earners. They, however, are not the only ones:

  • Surgeon — $252,040 on average 
  • Anaesthesiologist — $261,730 on average 
  • Financial manager — $129,890 on average
  • Lawyer — $122,960 on average
  • Airline pilot — $121,430 on average, $208,000 for the top earners in the field 
  • Software developer — $107,510 on average

(TheInterviewGuys)

Average Salaries for Select 6-Figure Jobs

6-Figure Earner Demographics

In terms of generations, data shows that 10% of millennials earn over $100,000, compared to 9% of GenX and 11% of Baby Boomers. Education-wise, higher education often translates into higher salary, with stats indicating that nearly a third of Americans with a graduate degree make at least $100,000 a year, compared to 14% of those with an undergraduate, and 6% of those that have some college education. As little as 6% of those with no higher education have a six-figure salary. 

(Yahoo Finance)

Age and Education Demographics of 6-Figure Earners

How Much Is 7 Figures?

Earning seven figures means bringing in between one and $9.9 million per year. Only very few ever reach this level of income and the vast majority of the population of the world outside the US might not even earn this much money in their whole life.

Compared to the average US salary of just $51,480, seven figures is a gargantuan income, even considering the high taxes one must pay when reaching this income bracket. In fact, this segment of earners is also the one who pays the most, contributing 37%. This means that earning a million dollars will actually net you just $630,000 which is still a lot but not quite as much when you put it into perspective.

(PocketSense)

As with any amount, how far seven figures will get you depends highly on your location and necessities. Firstly, we must take into account the cost of buying a house. The home market in California, for example, can make even a top earner feel broke since the median price of a property is $600,000, almost 88% higher than the national median ($320,000). Add the transportation costs that are also 27–45% higher than anywhere else in the nation, healthcare prices which are inflated by 30% from the average and high tax brackets (up to 13.3%) and you have the perfect recipe to eat out your profits.  

(RamseySolutions)

7 Figure Jobs

Although most people who earn this much usually do so from a business or investment, there are some select nine-to-fivers who also rake in these amounts:

  • Entrepreneurs 
  • Enterprise sales representatives
  • Investment bankers
  • Consultants 
  • C-Level Execs
  • Influencers 

(TheWayStoWealth)

7 Figure Earners Demographics

Earning one million dollars per year will place you in the top 0.1% of the world. According to the latest data available, 76% of US millionaires are white, while Black American and Asian American millionaires account for 8% each, and Hispanic for 7%. Gender-wise, stats indicate that only 13% of the US ultra-high net worth population in the US are female, vs. 87% for men.

(FinancialSamurai, Statista)

Distribution of US Millionaires by Race/Ethnicity and Gender

How Much Is 8 Figures?

That would be a lot—someone earning eight figures has a yearly revenue of anywhere between $10 million and $99.99 million.

While for other income levels a lot of factors like taxes, inflation, and general costs of living will massively impact the living standards of the earner, those with an eight-figure revenue won’t feel these differences as much. Still, the bottom line won’t be the same in all circumstances.

Eight figure earners fall into the highest income tax bracket of 37%, the same as everyone that earns over $523,600. This means that they pay $157,804.25 plus 37% of the amount earned over $523,600.

(QuickenLoans)

Jobs That Earn 8 Figures

Of course, getting this much pay from a job alone is extremely rare. This type of salary is reserved for those at the very top of extremely big companies, such as Fortune 500 CEOs, hedge fund managers, and founders of unicorn start-ups. Also, another category with this type of income is people with an extremely rare talent or ability, like high-profile athletes, movie stars, musicians, or other entertainers.

(InvestedWallet)

8 Figure Earners Demographics

Only 1.13% or 1,456,336 of American households fit into the decamillionaire category when it comes to net worth alone. Additionally, somewhere around 97,287 US households are estimated to have $50,000,000 or more. While no ethnicity data for decamillionaires specifically is available, stats show that 96.1% of the top 1% are white households, with Black households accounting for as little as 1.4%.  

(DQYDJ, HuffPost)

How Much Is 9 Figures?

Nine figures represent the number of digits forming someone’s income who earns between $100 million and $999.9 million per year.

Earning this insane amount of money will pretty much cancel any other potential downsides related to the cost of living in one place or another or other similar inconveniences like inflation and taxes. Sure, you’ll get left with less in your pocket when everything is said and done, but considering how much you’re earning, you most likely still wouldn’t have enough things to even spend all this money on.

Jobs That Earn 9 Figures

Since only an incredibly small amount of people earn as much, no traditional job can really net as much money. People who belong in this income bracket are the highest-paid CEOs, athletes, and financial managers.

9 Figure Earners Demographics

There are only 205 people in the United States who make over $50,000,000. Although there’s no data available, we can only guess how few people make over 100 million. They are not just in the top 1% or 0.1% — they are in the top 0.000001%.

(MarketWatch)

Figuring it Out

Joining the club of high earners is something that many people strive for but unfortunately not all succeed. Getting a good education and extra qualifications is certainly a good start, along with negotiating your salary and possibly checking out investment opportunities to increase your wealth. Those, however, can also lead to losses, so choose wisely. 

References: PolicyAdvice, RamseySolutions, GoBankingRates, NerdWall, TheInterviewGuys, Yahoo Finance, PocketSense, TheWayStoWealth, FinancialSamurai, Statista, Statista, QuickenLoans, InvestedWallet, DQYDJ, HuffPost, MarketWatch

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Pet Insurance Statistics https://balancingeverything.com/pet-insurance-statistics/ https://balancingeverything.com/pet-insurance-statistics/#respond Mon, 22 Nov 2021 11:00:00 +0000 http://34.220.122.121/?p=2694 The rising costs of veterinary care and medicines have made health insurance for pets more critical than ever. That’s why we prepared some essential pet insurance statistics to give you an overview of the industry. Whether you are a pet parent interested in ensuring the best care for your best friend, a part of the […]

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The rising costs of veterinary care and medicines have made health insurance for pets more critical than ever. That’s why we prepared some essential pet insurance statistics to give you an overview of the industry. Whether you are a pet parent interested in ensuring the best care for your best friend, a part of the insurance business, or just someone keen to keep up with this fast-growing sector, these data points will prove handy.

Pet Insurance Statistics (Editor’s Choice)

  • US pet owners spent $31.4 billion on vet care and product sales in 2020.
  • The US pet insurance industry premiums equaled $1.99 billion in 2020, up 27.5% year-on-year.
  • Less than 3% of pets in the US are currently covered by any form of insurance.
  • Stomach issues account for over a quarter of insurance claims for dogs.
  • One in three Americans adopted a pet during the COVID-19 pandemic, with most forgoing pet insurance.

Pet Insurance Industry Statistics

1. The US pet insurance industry posted gross written premiums of $1.99 billion in 2020.

This was an increase of 27.5% from $1.56 billion in 2019. The pet health insurance market in the US has been growing at an average rate of about 24% since 2016. Of the 2020 gross premiums, more than $1.8 billion came from combined insurance products that cover both accidents and illnesses. 

(NAPHIA)

2. Dogs represented nearly 83% of in-force gross written pet insurance premiums in the US in 2020.

The average annual growth rate was 18.4% for insured dogs and 21.4% for insured cats between 2016 and 2020. Pet insurance statistics for Canada show a similar trend (approximate split is 75.2% insured dogs vs. 24.8% insured cats), albeit pointing to a higher proportion of cats insured in Canada than in the US. 

(NAPHIA)

3. The average annual premium for insurance covering accidents and illness for dogs in the US was $594 in 2020.

Annual premiums for accident-only coverage meanwhile came in at $218 in 2020. Accident-only coverage includes care for foreign body ingestion, lacerations, motor vehicle accidents, poisoning, and other injuries. When coverage includes illness, additional issues such as cancer, infections, chronic digestive problems, and other diseases are also covered.

(NAPHIA)

4. In the US, accident and illness coverage annual premiums for dogs were about 40% higher than for cats.

On the other hand, pet insurance statistics for Canada indicate that premiums for canines are twice those for felines. Premiums for dogs in the US have also risen faster than premiums for cats since 2016 when the average was $518. Average premiums for cats (accident + illness) in the US were around $321 in 2016 and just under $342 by the end of 2020.

(NAPHIA)

5. The average pet insurance premiums in the US are about 30% lower than in Canada for dogs and 10% lower for cats.

The average price of pet insurance in the US is on par with that in Sweden. However, several other countries have insurers with more affordable plans. For example, pet insurance statistics for Hong Kong, a significant market in Asia, indicate average annual premiums between $150 and $400. Similarly, in the UK, the average annual premiums for dogs and cats are about $400 and $175, respectively, at current exchange rates.

(NAPHIA, NimbleFins, OneDegree)

6. The average pet insurance costs vary by nearly 90% between Oklahoma City and New York.

Your expenditure on monthly payments will depend on location, pet breed, pet age, the likelihood of a claim, and others. The average annual cost difference between Oklahoma City ($570 for dogs, $293 for cats) and New York City ($1,050, $555) shows substantial variation even across prominent urban locations. Similarly, pet insurance statistics for the UK show that average costs in London are over 90% higher than in the next highest location, the West Midlands.  

(AdvisorSmith, Scratch & Patch)

7. The pet insurance sector in North America comprises 20 major companies.

Pet parents in the US and Canada have several plans to choose from, as many of these firms offer multiple policies. The companies range from Nationwide, the first provider to offer pet insurance in the US, to newer insurtech firms like Lemonade. Given this choice, pet owners must compare their pet insurance company options and pick the one that best suits their needs and those of their pets.

(NAPHIA)

8. California is the only US state currently with a law governing pet insurance.

One of the more interesting pet insurance facts in the US is that rising rates, claim denials, definitions of pre-existing conditions, and coverage exclusions create confusion for consumers. The National Association of Insurance Commissioners is working on a new model law to bring greater consistency to pet insurance rules and more protection for consumers. The proposed standards are expected to be made public by end-2021, providing a boost to the pet insurance market in the country.

(Investopedia)

9. Stomach issues account for 26% of insurance claims for dogs.

Health conditions for which dogs are taken to vets can range from skin conditions (17%), pain (14%), and ear infections (10%) to cancer (5%), cranial injuries (4.8%), and heart conditions (4.5%). Pet insurance claim statistics show that the highest claims in many of these cases can surpass $10,000 and sometimes reach above $20,000. Conditions in cats can be equally expensive, the most common being stomach issues (31.8%), urinary tract problems (12.5%), and cancer (8.4%). 

(AdvisorSmith)

Pet Ownership Statistics

10. In 2020, US pet owners spent $31.4 billion on vet care and product sales.

This expense formed a substantial part of the overall expenditure of $103.6 billion on pets in the US in 2020. Veterinary costs rose consistently over the previous decade, with the total spend on care amounting to $13 billion in 2010. Pet insurance statistics from an APPA pet owners’ survey show average annual spending of $700 on vet visits for dogs and just under $400 for cats. These costs can be much higher if a pet suffers from a severe ailment.

(American Pet Products Association)

11. Nearly 50% of pet parents in the US would be unable to cover an unplanned $5,000 pet expense.

High unexpected treatment costs form a common worst-case scenario for pet parents, with some life-threatening pet illnesses costing between $4,000 and $14,000. According to recent pet insurance statistics, just about 50% of pet parents can afford to pay for such treatments. Out of these, less than 20% can do so out of pocket, while more than 30% would have to seek financing options to cover the cost, such as payday loans, credit cards, or veterinary payment plans. 

(Pawlicy Advisor)

12. Less than 3% of pets in the US are covered by insurance.

These percentages are much higher in other OECD countries, representing a tremendous growth opportunity for US insurance providers. For instance, an estimated 25% of pets are covered in the UK, while 40% of Sweden’s pets are insured. According to pet insurance statistics for Australia, the overall percentage for insured dogs and cats Down Under is 6%. Several factors, including awareness, availability of options, and spending power, affect these rates. Another significant factor is the presence of universal health care for humans. Owners that don’t have to worry about their own medical expenses are more likely to get insurance for their pets.

(NAPHIA, Today’s Veterinary Business, Roy Morgan)

13. Nearly 1 in 3 Americans had adopted a pet during the COVID-19 pandemic by October 2020.

While there may be several reasons for this interesting trend, one definite consequence is an increased liability risk for many citizens. Many Americans also undertook substantial home improvement projects and acquired firearms during the pandemic, adding to their liability risk. Not surprisingly, pet insurance facts and statistics from another report show that most new pet parents decided to forgo pet insurance.

(Insurance Research Council, Insurance Information Institute)

14. Among dog owners shopping for pet insurance, 9.8% are doing so for dogs with pre-existing conditions.

Of these, nearly 90% own dogs older than a year. Most pet owners realize that it’s better to get insurance when the pet is still young and hasn’t developed any conditions. However, surveys also show a substantial market for insurance for pre-existing conditions. There are a few options available now for such pet owners. For example, pet insurance industry statistics show that several companies have begun offering insurance for moderate pre-existing conditions where the ailment hasn’t recurred in the previous year.

(Pawlicy Advisor)

15. Millennials own roughly 35% of the pet dogs and cats in the US.

One of the main factors driving pet insurance industry growth is that millennials constitute a large pet owner population. Young people are also less likely to have the financial wherewithal to pay for expensive treatments. According to pet insurance statistics from a 2016 study in the US, 61% of millennials are willing to make financial trade-offs to afford care for their pets, compared with 57% of Gen Xers and 50% of baby boomers. Insurance providers making better use of technology are more likely to make inroads into this population segment.

(dvm360)

Pet Insurance FAQ

What percentage of pets are insured?

The worldwide figures vary substantially across different regions. For example, less than 3% of the pets in the US are covered by insurance. Pet insurance industry statistics point to higher penetration rates of about 25% for the UK and 40% for Sweden. In most parts of the Asia Pacific, South America, and Africa, the numbers are much lower; however, some regions like Hong Kong and China show rapid growth.

How many people actually have pet insurance?

Based on multiple studies, about 2.55 million families in the US have pet insurance.

What is the cheapest breed of dog to insure?

According to pet insurance statistics from Forbes Advisor, the cheapest breeds to insure in 2021 are Chihuahuas, Peekapoos, Schnoodles, Yorkshire Terriers, Pomeranians, and Maltese dogs.

What dogs are expensive to insure?

Following are the most expensive breeds from an insurance perspective: Bernese Mountain Dog, Dalmatian, Mastiff, Bulldog, Doberman Pinscher, Pitbull.

References: NAPHIA, NAPHIA, NAPHIA, NAPHIA, NAPHIA, NimbleFins, OneDegree, AdvisorSmith, Scratch & Patch, NAPHIA, Investopedia, AdvisorSmith, American Pet Products Association, Pawlicy Advisor, NAPHIA, Today’s Veterinary Business, Roy Morgan, Insurance Research Council, Insurance Information Institute, Pawlicy Advisor, dvm360

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Ecommerce Statistics https://balancingeverything.com/ecommerce-statistics/ https://balancingeverything.com/ecommerce-statistics/#respond Wed, 17 Nov 2021 19:00:37 +0000 http://34.220.122.121/?p=2789 While the COVID-19 pandemic negatively impacted a lot of industries, ecommerce is not one of them — the global pandemic gave a boost to a sector that had already started gaining momentum. Online shopping, therefore, has become the preferred method of purchasing goods for many people. That’s why we prepared these essential ecommerce statistics to show […]

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While the COVID-19 pandemic negatively impacted a lot of industries, ecommerce is not one of them — the global pandemic gave a boost to a sector that had already started gaining momentum. Online shopping, therefore, has become the preferred method of purchasing goods for many people. That’s why we prepared these essential ecommerce statistics to show you the evolution of this exciting sector and how it’s been growing both stateside and abroad.

Ecommerce Statistics (Editor’s Choice)

  • Cyber Week 2020 saw $270 billion in digital sales globally. (PracticalEcommerce) 
  • For 58%, the option to buy something at any time is a top reason for online shopping. (KPMG)
  • 39% of Millennials didn’t miss shopping in-person during the pandemic. (Econsultancy)
  • The GAGR rate of ecommerce worldwide between 2020 and 2024 is predicted to be 8.1%. (Statista) 
  • India’s ecommerce market is projected to surpass the US and become the second-largest behind China by 2034. (ibef) 

General Ecommerce Stats

1. The US saw $60 billion in digital sales during Cyber Week in 2020. 

This marks a massive rise from the $1.93 billion spent during the period from Thanksgiving to Cyber Monday back in 2016. Ecommerce data further shows that globally, Cyber Week fetched $270 billion, while the number of customers surged 22% as compared with 2019.

(PracticalEcommerce, PracticalEcommerce, BusinessWire)

2. 70% of consumers wait a maximum of five minutes before abandoning a purchase and leaving the store if the website is slow.

Then, 57% of consumers cite price as the top factor in deciding which websites to buy from. Google meanwhile says 61% of users are unlikely to return to a mobile site they couldn’t access at first. What’s even worse is that 40% visit a competitor site instead. All these worrying ecommerce industry statistics are also behind the whopping 69.8% rate of abandoned online shopping carts. 

(RisNews, KPMG, TheGood, Hubspot) 

3. Customized landing pages can increase conversion rates by at least 25%.

A study by EyeView has revealed that adding videos to landing pages results in about 80% to 86% more conversions. Conversion rates of ecommerce websites meanwhile range between 1.84% and 6.25%. 

(McKinsey, SmartInsights, Adoric)

4. 75% of businesses struggle with optimizing their landing pages. 

The human attention span is only eight seconds and customers need to be hooked fast. Online sales statistics reveal that using correct testing methods can increase conversion rates up to 300%. Unsurprisingly, giants like Google have figured this out, since they used to run 7,000 A/B tests per year. Sadly, over 20% of businesses report not having an effective strategy for testing and optimizing landing pages. 

(Time, AdPushUp, Outgrow)

5. Millennials are 25% more likely than baby boomers to have seen their most recent online purchase in a physical shop first. 

52% of all consumers cite offline channels as their initial source of awareness for buying something. Also, online shoppers statistics related to ecommerce demographics show that almost 50% of millennials were more likely to have talked to a friend about their purchase and more than twice as likely to have seen someone else with it. 

Willy Kruh from KPMG puts its best: “Today’s consumer no longer goes shopping but is shopping, all the time and everywhere. And in a truly global marketplace, competition is no longer limited […]. Consumers can easily buy from retailers and manufacturers located anywhere in the world […]”.

(KPMG)

6. The option to buy something at any time is the top reason for online shopping. 

Regarding the general population, online retail sales statistics show that the number one reason voiced by most ecommerce shoppers (58%) for making purchases online is the convenience of buying something at any hour on any day. Next comes the ability to seamlessly compare prices (54%) and to find better deals and sales (46%). More customers prefer to buy something from a familiar place than those who like to often try something new. 

(KPMG)

7. For 61% of shoppers, a positive delivery experience incentivizes them to purchase from an e-tailer again.

According to global ecommerce statistics, 77% of consumers are at least conscious or even care deeply about the environment when thinking about how they receive online deliveries. 61% of consumers from the US also now expect free delivery while 68% from Canada want the same. At the same time, many are willing to pay for faster or more convenient shipping: 81% in the US and 69% in Canada for a one-hour same day, next day, or Sunday delivery. 

(DHL, Markets, MultiChannelMerchant)

8. 60% of the global population is online. 

The number of those who browse the internet globally rose from 1.58 billion in 2012 to 2.23 billion in 2014. What’s even more incredible is that 6.378 billion people, which translates to 80.76% of the world’s population own a smartphone. 

To put things into perspective, online shopping growth statistics show that in 2012 there were only 154.6 million online buyers (from 239 million internet users representing 75% of the population) in the US. Out of them, only 68.6 million were from mobile. Moreover, 90% of those who use the internet have an active profile on either Facebook, Twitter, or LinkedIn, consisting of a total of 65% of all US adults. 

(DazeInfo, Wearesocial, AR-com, 220Marketing, SocialMediaToday, Elpomar, PewResearch, 220Marketing)

9. US retail ecommerce sales came in at nearly $438 billion in H1 2021. 

Ecommerce statistics show that this compares to $200 billion in the whole of 2013. In the second quarter of 2021, the number was upwards of $222 billion, beating the previous record of $203 billion seen in Q2 2020 just as global lockdowns were taking effect, forcing people at home. 

(Statista)

10. Internet video traffic accounts for 80% of the total in 2021.

Also, internet video traffic represents 80% of the total in 2021. This is compared to the 53.5% of the U.S. population and 70.8% of internet users who watched online video in 2012. 

(Ma-No, Cisco, eMarketer)

11. Email marketing boasts a return of $44.25 for every $1 spent.

A study by Marketo further shows that 64% of decision-makers read emails on a mobile device. Then, with this medium used by 95% of online consumers, e-tailers need to have their email marketing strategy optimized for mobile. Out of those, 91% report checking their emails at least once a day. 30% of consumers meanwhile read their email exclusively on mobile devices, general and ecommerce industry statistics show. Also, 57% of internet users claim they wouldn’t recommend a business with a poorly designed mobile website. 

(ZenMedia, immenswatch)  

12. Only 10% of consumers choose to receive company updates through social media.

As many as 90% meanwhile opt-in for email newsletters. In fact, email has been cited as being 40 times more effective for customer acquisition than Facebook and Twitter combined. 

On the other hand, the competition is also tough, since subscribers get 416 commercial messages per month, on average. Email audience grew from 2.41 billion in 2014 to 2.7 billion in 2017 and reached 3.8 billion in 2019. Globally, in 2019, 293.6 billion emails were sent per day and 306.4 billion in 2020.

(AspireInternetDesign, McKinsey, CampaignMonitor, Madrivo, Pardot, CampaignMonitor, Statista, Axongarside)

13. 70% of people always open emails from their favorite companies, ecommerce stats show. 

Moreover, email prompts purchases at least three times more than social media. These purchases are also 17% more valuable. Note, however, that nearly 45% of all marketing emails are opened on mobile. 

(MultiverseMediaGroup, McKinsey)

14.  The average employee spends 28% of their workweek (13 hours) managing their inbox.

They further spend nearly 20% of the time looking for internal information or tracking down colleagues who can help with specific tasks. Although there was a 20% decline in email usage in favor of social media between 2008 and 2012 when these mediums were new, email got back up in time. 

Even so, customer acquisition via email quadrupled between 2009 and 2013. These ecommerce stats were presented in a study of over 72 million customers and 86 US retailers across 14 different industries.

(Ciphr, McKinsey, Mivia)

15. Organic search brings customers who have 54% higher lifetime value on average.

This also suggests that the number one source for acquiring new customers in ecommerce is organic search (15.8%). In second place comes email, with 7% of customer acquisition and 12% higher than average customer lifetime value. Moreover, email accounted for 19.8% of all ecommerce transactions. Ecommerce growth statistics show that social media is way behind, amounting to less than 0.25% of new customer acquisition. 

(SearchEngineWatch, CXL, Act, Barillance)

16. 30% of businesses wish to grow their digital engagement. 

However, just 7% of organizations understand the exact value at stake from digital marketing. Then, just 22% of businesses are satisfied with their conversion rate optimization strategies. Each $92 spent acquiring customers translates to just $1 spent in converting them. Currently, A/B testing is the most efficient method for improving conversions. 

(WeareMindScape, ITProPortal, Transaction)

17. 39% of millennials claim they didn’t miss in-person shopping during the pandemic.

Ecommerce stats during COVID indicate that 33% of individuals from this generation had made a cross-border purchase. Moreover, a whopping 47% of global consumers have bought a product online directly from a social channel. Interestingly, there was also an incredible surge in out-of-stock items in the US between the pre-pandemic year and August 2021. As ecommerce markets as well as traditional ones suffered due to blocked supply lines, the number of out-of-stock items expanded by 172%, ecommerce sales statistics show.

(Econsultancy)

18. The GAGR rate of ecommerce worldwide between 2020 and 2024 is predicted to be 8.1%.

Currently, the total ecommerce retail sales worldwide are valued at $4 trillion. Amazon’s annual net sales meanwhile stand at $386 billion. Fashion sales are among the most popular, which are forecast to total $760 million, or about one-third of worldwide online sales revenue. 

(Statista)

Ecommerce Statistics Worldwide 

19. In Italy, revenue from ecommerce is projected to reach over $27 million in 2021.

Ecommerce facts show that the revenue is expected to grow at a CAGR of 6.02% between 2021 and 2025. The largest segment is, of course, fashion, which has a projected market volume of $7,59 million in 2021. 

(Statista)

20. In 2020, ecommerce sales increased by around 8% in India.

What’s astounding is that this market is projected to overpass the US by 2034, becoming the second-largest, trailing behind China. Ecommerce statistics for India project total sales reaching $111.40 billion by 2025, up from $46.20 billion in 2020, growing at a 19.24% CAGR. Despite the slowdown in global ecommerce sales caused by the ongoing pandemic, the market in India continued to grow at a steady pace of about 5%, expecting sales of $56.6 billion in 2021. 

(ibef)

21. In 2021 in Canada, retail sales of physical products amounted to $29.9 billion.

By 2025, the figure is expected to surge to $40.3 billion. The biggest store in the country is, of course, amazon.ca. This site alone had total revenue of $7.1 billion in 2020. Next comes walmart.ca with $3.2 billion, and costco.ca with $1.6 billion. Ecommerce statistics for Canada indicate that these three shops alone account for 40% of the online revenue in the country. 

(Statista, EcommerceDB)

22. New Zealand is the 39th largest ecommerce market in the world. 

In 2020, Aotearoa boasted earnings from online sales worth a grand total of $4 billion, placing it right over Malaysia and behind Portugal in the global rankings. Surprisingly, amazon.com is not the number one store, but it is behind countdown.co.nz, which had total revenue of $468 million. 

(EcommerceDB)

23. In 2019, ecommerce sales in the United Kingdom reached £693 billion (~$926 billion).

Out of those, $197.1 billion came from B2B sales only. There is much more space to grow since just 19% of retail sales come from online channels. Ecommerce statistics for the UK predict a growth rate of internet shopping of 34.5% until 2023. 

(Statista)

24. 85% of German citizens have shopped online during 2020. 

Within the same year, ecommerce worldwide trends point out that in Germany alone, the total value of online sales was €83 billion ($95 billion). The majority of German consumers (41%) prefer to use e-wallets to shop online, but invoice (22%) is also a popular payment method, as well as card (12%), direct debit (8%), online transfer (7%), debit card (4%), and mobile payment wallets (3%), among others.

(EcommerceNews)

25. In 2020, ecommerce represented 2% of Australia’s GDP. 

Consumers Down Under spent a whopping $50.46 billion that year on online shopping. Ecommerce statistics for Australia further tell us that 9.1 million households bought something via the internet in 2021. 

(TakeTumble)

26. There are 100 million ecommerce users in Japan.

It’s expected that by 2025, 13 million more consumers will shop online in Japan. Currently, 74.1% of the population purchase online. Across all categories, the total revenue registered is $112 billion and is projected to reach $143 billion by 2025. The most popular niches are toys, hobbies, DIY, electronics and media, and food. 

(ESW)

27. The Singapore ecommerce market is $4.9 billion. 

Ecommerce sales worldwide are booming in the latest years and Singapore is no exception. The yearly projected growth rate of the industry in Lion City is 8.35%. Ecommerce statistics for Singapore reveal that, on average, local shoppers spend $1,456 online every year. 

(Heysara)

28. The largest online commerce market in the world is China. 

In 2020, this market had an increase of 26% while the worldwide one expanded by 29%. The biggest player in Chinese ecommerce is jd.com. This store recorded sales of over $82 billion. Next comes suning.com with $21.5 billion revenue and vip.com with $14 billion. 

(EcommerceDB)

29. The Malaysian ecommerce market expanded by 24.7% in 2021. 

By 2024, it’s expected to reach $12.6 billion, after growing at a CAGR of 14.3%. Ecommerce statistics for Malaysia indicate that 80% of the country’s population are active internet users. The Land Below the Wind also has great mobile penetration, recording 84.2%. In January 2021, there were 28 million Malaysians on social media and 39.9 million mobile connections. 

(Trade)

30. Indian ecommerce will reach 8% of the total food, grocery, apparel, and consumer electronics trade in 2025. 

Also, the online shopping market of this country is expected to be worth a grand total of $111.4 billion by 2025, expanding tremendously from $46.2 billion in 2020. This sector is so hot right now in India that some projections even have it overtake the US by 2034.

(Ibef)

31. The ecommerce revenue in the Philippines in 2020 was $3.55 billion. 

Based on market shares, the leading ecommerce segment in the Philippines is represented by airlines and hotels. 87.5% of mobile internet users from the country use shopping apps. Ecommerce statistics for the Philippines also reveal that 26% of small businesses prioritize delivering better customer experiences for their online customers.

(Statista)

32. The online store with the biggest revenue in Kenya is mydawa.com which recorded $6 million in sales in 2020. 

The ecommerce market in this country had a stunning increase of no less than 66% in 2020. It’s one of the hottest markets in the world and will, most likely, continue to experience incredible growth going forward, ecommerce growth stats for Kenya show. Unfortunately, the current internet penetration in the country is just 24% but it will continue to grow at a rapid pace, as well. 

(EcommerceDB)

33. South Africa had total revenue of $4 billion from ecommerce in 2020 and it is the 37th largest market worldwide.

That year, the online shopping market from the country grew by 29%. The biggest players on the market are takealot.com which recorded $451 million in revenues, superbalist.com with $69 million, and woolworths.co.za with $51 million. Ecommerce stats for South Africa indicate that 15% of the total ecommerce sales in the country happened on the top three sites. 

(EcommerceDB)

34. Nigeria is the 35th largest market for ecommerce. 

This is another country with stunning growth in recent years, recording an expansion of 42% in 2020 alone. The biggest player in the market is slot.ng with revenues of $6 million, followed by ajebomarket.com ($4 million), and chrisvicall.com ($3 million).

(EcommerceDB)

The Bottom Line 

We’re in the midst of a new age of trade, as ecommerce statistics have revealed. Sellers more than ever can personalize their services to the customer and deliver quality shopping experiences that are accessible, quick, and enjoyable. 

Sources: Practical Ecommerce; KPMG; Econsultancy; Statista; IBEF; Business Wire; RIS News; KPMG; The good; Hubspot; McKinsey; Smart Insights; Adoric; Time; Adpush; Outgrow; DHL; Markets; Multi Channel Merchant; Daze Info; Wear Social; AR-COM; 220Marketing; Social Media Today; El Pomar; Statista; Ma No; Cisco; Slideshare; Zen Media; IMN News; Aspire Internet Design; Campaign Monitor; Madrivo; Pardot; Campaign Monitor; Statista; Axon Garside; Multiverse Media Group; Ciphr; McKinsey; Miva; Search Engine Watch; CXL; Act-on; Barilliance; Wear Mindscape; IT Pro Portal; Transaction; Statista; Statista; Ecommerce DB; Statista; Ecommerce News; Take a Tumble; ESW; Hey Sara; Ecommerce DB; Trade.gov; Statista; Ecommerce DB

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Online Shopping Statistics https://balancingeverything.com/online-shopping-statistics/ https://balancingeverything.com/online-shopping-statistics/#respond Wed, 17 Nov 2021 18:11:04 +0000 http://34.220.122.121/?p=2717 Shopping online has been around for quite a while now — over a quarter of a century, in fact. It, however, received a significant boost during the pandemic and related lockdowns which forced people in front of computer screens.  That’s why we prepared these essential online shopping statistics to keep you in the loop of what […]

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Shopping online has been around for quite a while now — over a quarter of a century, in fact. It, however, received a significant boost during the pandemic and related lockdowns which forced people in front of computer screens. 

That’s why we prepared these essential online shopping statistics to keep you in the loop of what has turned from a novel concept into a massive global industry.

Online Shopping Statistics (Editor’s Choice) 

  • Online sales grew by 39% in the first quarter of 2021.
  • Ecommerce produced $4.28 trillion in global sales in 2020.
  • Retail online sales grew by 100% in Argentina in 2020.
  • Out of all small businesses, 29% also make sales online. 
  • Just in Q3 2020, 89.3% of internet users from the Philippines searched for a product or service online. 

General Online Shopping Statistics

1. 2020 saw a 53% growth in grocery sales in the US.

The total amount of sales of this respect in the country stood at $89.22 billion. The growth is staggering when we consider that in nominal terms it amounted to $30.86 billion. It’s estimated that by 2023 online grocery sales will reach $129.72 billion and will represent 10% of total grocery sales.

(eMarketer)

2. In Q1 2021, online retail sales expanded by 39%, marking a steady y-o-y growth.

In all of 2020, sales grew by 32.4%, mainly due to the impact of the ongoing pandemic on how we conduct our economic activity. In fact, online shopping statistics during Covid show that online sales reached $791.70 in 2020.

(Digital Commerce 360)

3. Impulse online shopping declined during the Covid-19 pandemic. 

Impulse shopping generally drives 25% of overall holiday spending. However, during the pandemic, this type of purchasing cooled down a little, amidst global uncertainty and economic turmoil. It was expected to drive only about 18% to 20% of all holiday shopping sales in 2020.

(CNBC)

4. More than 54% of online purchases are made by millennials. 

In fact, out of the total retails sales, millennials also make a considerable chunk consisting of 30%. From all of the members of this generation, 67% prefer to shop online rather than in-store. Millennials online shopping statistics show that 81.3% of them shop online at least once a month.

(Invesp)

5. Worldwide, ecommerce generated sales of over $4.2 trillion in 2020.

In most industries, online shopping has become an indispensable part of the retail framework. Online shopping data predicts that by 2024 ecommerce will account for 21.8% of all sales. The country with the highest retail online shopping GAGR was Turkey.

(Statista)

6. Smartphones accounted for close to 70% of retail visits.

Online shopping facts show that ecommerce has gone mobile, with smartphones used for the bulk of retail visits globally. Statistics on online shopping, however, show that desktop devices and tablets have higher conversion rates, meaning that people prefer to shop at home. Digital coupons are on the rise as well, which is no wonder, given that coupon statistics show how 90% of US consumers look for a deal before shopping.

(Statista)

7. PayPal expects to add 50 million active users in 2021.

Online payment providers are also seeing growth year by year. PayPal statistics reveal that the service had its strongest ever annual performance in 2020 as the pandemic hit, having processed a record $936 billion in payments.

(Reuters)

8. More than two million US merchants accept Venmo. 

Venmo statistics further underscore consumers’ shift to online purchases, with the app accounting for about 16% of PayPal’s total revenue. Internet shopping statistics meanwhile show that consumers use Venmo for five transactions per month on average.

(Business of Apps)

9. Californians shop the most online.

While ecommerce has boomed everywhere, some US states have seen truly remarkable growth. California is leading the pack with 56.5% of the population shopping online. Next come Washington (55.3%), Massachusetts (54.7%),and District of Columbia (53.4%). Online shopping statistics by state also show that Louisiana (39.8%), Mississippi (39.1%), and Wyoming (38.0%) are the states with the smallest number of online shoppers.

(PCMag)

10. Retail ecommerce sales in Argentina doubled in 2020. 

Outside the US, the adoption of online shopping proceeds at a different pace in different countries. Canada saw a 75% surge in 2020, followed by Singapore with 73.6%. At the other end of the spectrum stand Spain (39.3%), Thailand (40%), and the UK (46.5%). The worldwide average meanwhile hovers around 25.7%.

(eMarketer)

Statistics on Online Shopping vs In-store Shopping

11. Shoppers prefer to purchase financial services online.

We knew all along that going to the bank isn’t anyone’s favorite Monday morning activity, and official numbers tell us that 47% of buyers access financial services using the internet, while just 20% do so by visiting a physical location. This product type is at the top of the list when it comes to what consumers like to purchase online, followed by TV and video devices with 46%.

(Statista)

12. Total online sales of apparel are on track to hit $145.8 billion in the US by 2023.

Online shopping vs brick and mortar statistics confirm that physical stores have been steadily losing ground to their digital counterparts. As the most popular ecommerce categories, apparel, accessories, and footwear are leading the growth.

(Statista)

13. Women prefer to shop online more than men.

72% of women like shopping online, compared to 68% of men. Women spend the most money online on groceries, books, clothes, and medicine, while men purchase computers, accommodation, furniture, tickets to events, or music. About 30% of both sexes like to visit brick-and-mortar venues.

(BelVG)

14. 29% of small businesses make sales online.

While it can be hard or even sometimes impossible to compete with well-established retail giants in the physical space, small businesses often find an avenue online. Online shopping vs in-store shopping statistics tell us that 43% of small businesses experienced a considerable boost in sales by adopting ecommerce.

(Insureon)

15. Ecommerce grows three times faster than traditional retail. 

Digital sales are expanding at a rate of 15% each year, dwarfing brick and mortar stores that only benefit from 5% more purchases yearly. This shouldn’t come as a surprise, considering how many ecommerce sites are there, satisfying the needs of a growing number of consumers each quarter.

(FreightPros)

16. Online shopping vs traditional shopping statistics show that digital sales have nearly tripled over the course of a decade.

In 2009, online shopping accounted for just 5.1% of total retail. In the coming decade, this number skyrocketed to 16% in 2019 and accelerated further to stand at 21% in 2021. At such rates, it won’t be long until ecommerce overtakes brick and mortar.

(Digital Commerce 360)

Online Shopping Statistics by Year

17. In 2014, the global ecommerce sales worldwide were valued at $1,33 trillion.

Since then, this market has seen tremendous growth, year on year, reaching $1,54 trillion in 2015. In 2016, the number reached $1,84 trillion, as more and more started adopting digital shopping, thanks to the expanding reach of the internet.

(Statista)

18. Online shopping trends statistics show that in 2019, total sales reached $3.35 trillion. 

In 2020, there was an explosion in digital commerce, the global market boasting a whopping increase of up to $4,28 trillion. Online shopping trends point that in 2021 the total global online sales will be valued at $4,89 trillion. Although, not all is well since consumer debt statistics are also growing in recent years.

(Statista)

19. During the holiday season, ecommerce experienced a 162% year-over-year increase in order volumes.

Other whopping holiday spending statistics point that 55% to 60% of the orders made in November came in the first two weeks of the month. Then, between Black Friday and Cyber Monday, the value of the average order tripled. The growth of online shopping is also evidenced by the 70% yearly growth in digital ads spending. 

(Future of Commerce)

Global Online Shopping Statistics

20. In Germany, 29% of shoppers make purchases online at least once a week.

Also, 28% of Germans shop online at least every two weeks and just 3% once every six months. The total B2C ecommerce revenue in Germany stands at €59.2 billion ($70 billion). The top 10 online shops in Germany alone make up €20.8 billion ($24.68 billion) in revenue. It’s forecast that by 2023, there will be 71.4 million ecommerce users in Germany.

(Statista)

21. Online shopping statistics by country show that over half of French residents use ecommerce.

52% of French consumers purchase goods via the internet, however, slightly below the European average of 55%. Cash vs credit card spending statistics reveal that the latter is more popular, used by 80% of French online consumers. In 2020, the total ecommerce turnover in France was €115.2 billion ($136.7).

(Statista, Ecommerce News)

22. The UK has the most advanced ecommerce market in Europe.

Online shopping statistics for the UK show that while in 2018 ecommerce sales were valued at just £677.8 billion, the number jumped to £693 billion in 2019. In 2020, a staggering 87% of UK consumers made a purchase through the internet, marking the highest online shopping penetration rate in the nation in over a decade.

(Statista)

23. Online spending amounts to A$52.1 billion ($38.3 billion) in Australia, or 16% of the total country-wide retail spending.

Online shopping statistics for Australia show that July was the hottest month of 2021 for ecommerce since 5.6 million households bought something online. The year-on-year growth of online shopping in the Land Down Under is 26.9%. One in four online buyers opted for a brand that practices ethics and sustainability. The people in this country have some of the highest buying power in the world and lowest prices, taking into account income. The average food cost per month here is A$153 ($112) per week.

(Australia Post, Canstar Blue)

24. Canada’s ecommerce market in this country will surpass $33 billion by 2024.

Online shopping statistics for Canada point to a vibrant ecommerce market there too. Online retail sales amounted to C$1.85 billion ($1.47 billion) in 2019. It’s estimated that 28.1 million Canadians shopped online that year. Predictions meanwhile suggest that the nation’s ecommerce market will surpass $33 billion by 2024, up from $25.4 billion in 2019. The most popular online store in the Great White North is amazon.ca.

(Statista)

25. 89.3% of internet users from the Philippines searched for a product or service online in Q3 2020.

Online shopping statistics for the Philippines reveal that most Filipino ecommerce users are part of the Gen Z and millennial age groups. 80.2% of Philippines residents with access to the internet purchased a product or service online on any device and 69.6% did so through a mobile phone. The total e-commerce revenue in the country stands at $3.55 billion.

(Statista)

26. In Malaysia, ecommerce revenue is expected to reach $6.29 million in 2021. 

The projected annual growth rate stands at 14.84%, resulting in a forecast of $10,95 for 2025. The largest segment on the market is, unsurprisingly, fashion which amounts to $1,92 million in 2021. Online shopping statistics for Malaysia indicate that the majority of sales from the country are actually generated in China. The number of users is expected to reach 18.3 million by 2025, and the average revenue per user is projected to reach $436.28.

(Statista)

27. In Sri Lanka, the annual total domestic sales value of ecommerce is approximately $40 million.

At the moment, just 0.4% of the country’s total annual retail sales come from ecommerce. Predictions show that Lanka’s digital commerce sector will hit $400 million by 2022. Online shopping statistics for Sri Lanka indicate that the country’s increased cooperation with the EU will give trade a significant boost.

(DailyNews)

28. In 2020, Singaporeans spent a total of $6 billion on digital purchases.

These stats reflect a year in which leading industries such as travel and mobility saw a 47% decrease in growth. Grocery shopping statistics signal that the money deflected from these industries was spent on food and other goods such as personal care items. The most popular ecommerce platform is Shopee with 10.88 million monthly visits, followed by Lazada (8.5 million) and Qoo10 (7.5 million). Online shopping statistics for Singapore reveal that residents spend, on average, S$440 ($327.62) on internet purchases.

(BestInSingapore)

Online Shopping FAQ

What are people buying online?

The most popular products people shop online for are clothing, shoes, consumer electronics, books, movies, music, and games, cosmetics, and body care, plus bags and accessories.

How many people shop online?

It’s estimated that in 2021 alone more than 2.14 billion people worldwide bought something online. This number shows tremendous growth from 1.66 billion in 2016.

How much shopping is done online?

In 2020, retail sales surpassed $4.2 trillion worldwide. Online shopping statistics show that ecommerce represents 9.9% of the total retail sales volume in the US, which is the biggest market in the world.

What sells most online in the USA?

In 2021, the top ecommerce categories in the United States are fashion, electronics and media, toys, hobby and DIY, furniture and appliances, and food.

References: eMarketer, Digital Commerce 360, CNBC, Invesp, Statista, Reuters, Business of Apps, PCMag, eMarketer, Statista, BelVG, Insureon, FreightPros, Digital Commerce 360, Statista, Future of Commerce, Statista, Statista, Statista, Ecommerce News, Statista, Australia Post, Canstar Blue, Statista, Statista, Statista, Statista, DailyNews, BestInSingapore, Statista, Statista, Statista, Oberlo

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