Online Art Market Data Collection Needed

We are in need of data collected that shows the overall market size and growth for millennials who are and will purchase art online. We need organized data showing the millennial market, the online art market growth over the next 10-20 years, and a prediction of how many millennials will be purchasing art online for the next 10-20 years. The data will be made into graphics later for a presentation so it needs to be clearly laid out with this in mind. We will need this completed by this coming weekend. Here is the data we currently have. There are 6.2 million millennial households in the U.S. earning $100,000 or more each year, according to research firm FutureCast, not to mention the young wealth exploding overseas. What’s more, these digitally savvy prospective luxury buyers “are approaching their peak spending years,” according to Goldman Sachs. Surprisingly, the affluent millennial population is 64 percent female. These savvy young adults are not looking for products that show off their paycheck. Instead, they are looking for brands that align with their personal values. They believe in radical transparency, are constantly seeking the next adventure, and have higher standards and expectations in the brands they engage with than ever before. They’ve created a world for brands to live, based on this new millennial lifestyle. More than half of Millennial respondents of data released by Invaluable (56.9% ages 18-24 and 51.6% ages 25-34) said they would purchase art online, compared to only 19 percent of Baby Boomers (age 65+). In fact, roughly one in four Millennials age 18 to 24 prefer to purchase art through an online marketplace or website. “Just as U.S. retail, restaurant and hospitality industries have wielded major digital-first transformations over the last decade to turn Millennial browsers into buyers, our survey findings reveal that Millennials’ mobile-first preferences are driving similar demand from the art industry,” said Rob Weisberg, Invaluable CEO. “There has never been a more critical time for our industry to prepare and execute digital strategies that engage, inspire and capture the next generation of art buyers — Millennials.” Roughly 42 percent of young Millennials and 37.2 percent of older Millennials surveyed believe that buying art is a good investment, compared to roughly 32 percent of Baby Boomers. “These findings not only reveal the importance of connecting and assimilating new generations and first time buyers into the art ecosystem, it also spotlights a tremendous growth opportunity in reaching new segments of buyers,” continued Weisberg. “As digital-first preferences continue driving more interest from Millennial buyers, we know that technology will play a critical role in engaging and connecting this generation to the art world.” It is estimated that this generation of consumers will spend $1.4 trillion (per year!) when the year 2020 comes. Also, according to the New York Times, this generation will inherit $30 billion in the next couple of years. Fueled by the expansion of a number of online platforms, the online art market has grown from $1.57 billion in 2013, to $2.62 billion in 2014, to $3.27 billion in 2016. Such growth prompted Hiscox to revise its forecast for the sector up 5%, from the 19% found in previous editions of the report to 24% this year. If growth continues at this rate, the online art market will be worth around $9.58 billion by the end of the decade. The report notes that their growth outlook of 24% for the online art market is in line with the general online luxury goods sector, which has grown 27% year over year from 2009 to 2014. Of those surveyed, 48% of art buyers said they would be buying more art and collectibles online in the next 12 months, while 44% said they would buy the same amount and 8% said they would buy less.