10+ Customer Retention Statistics: A Must-Know in 2024

X Facebook LinkedIn Copy

Customer retention is a vital focal point in the business world, with an average retention rate of 75.5% across all industries.

Remarkably, just a 5% increase in customer retention can elevate profits by 25 to 95%. Additionally, repeat customers tend to spend 3X more than one-time shoppers.

For a clearer perspective, I’d like to share the most important customer retention statistics that are crucial to note immediately. 📊🔍

Customer Retention Statistics: The Key Data

75.5% is the average customer retention rate across all industries.
On average, repeat customers spend 3X more than one-time shoppers.
A 5% increase in customer retention results in a 25 to 95% increase in profit.
It costs 6X more to acquire new customers than it does to keep existing ones.
Repeat customers spend 67% more than new customers on average.
Every year, the average company loses 10-25% of its customers.
80% of profits are generated by 20% of customers.
65% of a company’s sales are generated by repeat customers.
50% of existing customers are more likely to try new products.
84% is the customer retention rate in the media and professional services industries.

If you want to learn more about customer loyalty, then we suggest you to visit our customer loyalty fact page to learn more about how customer loyalty improves a business’s bottom line. Also, if you want to know more on the difference between customer acquisition vs retention then you can check out this customer acquisition vs. retention statistics page.

Sources:

Customer Retention: 5 Unique Strategies to Increase Profits | SuperOffice
How Many of Your Customers Are Repeat Shoppers? | Yotpo
Customer Retention Versus Customer Acquisition | Forbes
Demandsage
Repeat Customer Rate | KPI example | Geckoboard
Zippia
Shop Circle on LinkedIn: Did you know the average company loses 10-25% of its customers each year?… | Linkedin
Your Most Powerful Competitive Advantage is Customer Retention | American City Business Journals
The 80-20 Rule (aka Pareto Principle): What It Is, How It Works | Investopedia
Average Customer Retention Rate By Industry & How to Improve Your SaaS Retention Rate | Userpilot