Online sales defy economic gloom
- Added:
- Mar 02, 2009
Despite the recession, online sales in the UK will enjoy steady growth of 6% a year and hit £56bn by 2014, according to a new report.
The study, from research firm Forrester, indicates that the e-tail sector will continue to benefit from continued migration online.
Books, DVDs and leisure travel had been the most common online purchases in the UK in 2008. However, fashion was the biggest growth channel of the year with e-tailers such as Asos achieving strong sales growth even in the downturn, the research found.
In January, Asos reported an 118 per cent year-on-year rise in sales over the nine weeks to January 16, said it was on track to meet expectations for full year profits of about £13.8m, up from £7.3m last year.
Forrester also predicted that there will be 30 million shoppers online this year and that this will grow to 37 million by 2014.
Victoria Bracewell Lewis, senior analyst with Forrester said: “For the past decade online shopping in the UK has been driven by a virtuous cycle. Growing numbers of UK online shoppers and growing online spend per shopper encourage retailers and travel operators to improve their online offerings, which in turn draw more shoppers and higher spending.”
Forrester’s research also showed that UK consumers outspent their European counterparts.
UK shoppers spent an average of £1,321 per year in 2008 or €1,378, while the average for European online shoppers was €934 ($1,175).
The consultancy also expects that increasing demand and greater promotion by merchants will drive the number of online shoppers in the UK up from 30m in 2009 to 37m in 2014.
Forrester’s research on the UK is based on a survey of more than 4,100 UK consumers as well as interviews with British retailers.
