The mobile app market has been experiencing a resurgence as of late, with the growth rate staying quite steady over the past few years. The app economy went through a period of turbulence back in 2022, seeing a record breaking decline during that year, but in spite of the fact that this is the case, recent data seems to suggest that the industry is on a straightforward path to recovery.
With all of that having been said and now out of the way, it is important to note that mobile consumer spending rose by 3.7% year over year in Q3 2023. Global consumers spent approximately $33.6 billion on the apps that they use in the third quarter of 2023 alone, which provides more hope for the future than might have been the case otherwise.
One thing that bears mentioning is that this brings the total global consume spend on mobile well past the $100 million mark. This is the first time such a milestone has been reached as early as the third quarter of the fiscal year. Such a trend is relevant because of the fact that this is the sort of thing that could potentially end up indicating that the market has nowhere to go but up, at least in the near future.
For the past two years, the industry needed to wait until October to cross this all important threshold, and it nearly didn’t make it in the span of a year in 2020 since the $100 million mark was only reached by December. Furthermore, quarterly income from mobile app spending has been unusually consistent this year.
In the first quarter of 2023, quarterly earnings of $33.7 billion were posted. This went to $33.8 billion in the second quarter, followed by $33.6 billion in the third quarter. The fourth quarter of 2022 saw $32.3 billion, with the preceding quarter bringing in $32.4 billion. It will be interesting to see if this upward trajectory continues into 2024, which presents the opportunity for even more records to be broken and an unprecedented growth rate for the entire industry.
Read next: 57% of Gen Z Want to Become Influencers, Far More Than Any Other Group
With all of that having been said and now out of the way, it is important to note that mobile consumer spending rose by 3.7% year over year in Q3 2023. Global consumers spent approximately $33.6 billion on the apps that they use in the third quarter of 2023 alone, which provides more hope for the future than might have been the case otherwise.
One thing that bears mentioning is that this brings the total global consume spend on mobile well past the $100 million mark. This is the first time such a milestone has been reached as early as the third quarter of the fiscal year. Such a trend is relevant because of the fact that this is the sort of thing that could potentially end up indicating that the market has nowhere to go but up, at least in the near future.
For the past two years, the industry needed to wait until October to cross this all important threshold, and it nearly didn’t make it in the span of a year in 2020 since the $100 million mark was only reached by December. Furthermore, quarterly income from mobile app spending has been unusually consistent this year.
In the first quarter of 2023, quarterly earnings of $33.7 billion were posted. This went to $33.8 billion in the second quarter, followed by $33.6 billion in the third quarter. The fourth quarter of 2022 saw $32.3 billion, with the preceding quarter bringing in $32.4 billion. It will be interesting to see if this upward trajectory continues into 2024, which presents the opportunity for even more records to be broken and an unprecedented growth rate for the entire industry.
Read next: 57% of Gen Z Want to Become Influencers, Far More Than Any Other Group
