People spend about one-third of their online time each week on Facebook, a trend that gives retailers and other businesses a chance to use social media to reach their target market, according to a new study by research firm Morpace.

Consumers spend an average of 7.3 hours each week on Facebook, and 22.4 hours on the Internet overall. Those ages 18-34 spend 8.5 hours a week on Facebook. People who have an income of more than $100,000 per year spend even more time on Facebook at 9 hours per week.

"This study shows how powerful of a tool Facebook can be for retailers who are looking for an opportunity to reach their target audience," said Kirsten Denyes, Morpace Vice President, Retail. "Our results suggest that a presence on Facebook can not only improve consumer awareness but also fulfill the consumers' desire for product knowledge, events, and promotions."

"Research developed earlier this year by Morpace showed that consumers increasingly 'like' business or product-related Facebook pages because of discounts/coupons or other product information offered," Denyes said.

In comparison to earlier findings, the report shows people have integrated Facebook into their daily lives through multi-tasking. While on Facebook, 68 percent of consumers are also checking email. Additionally, 55 percent are searching the Internet simultaneous to Facebook usage. The third most popular activity while on Facebook is watching television (47%).