"While the six percent compound annual growth rate for online retail in the UK over the next six years is less than Germany (seven percent) and France (10 percent), the British ecommerce market remains the largest and most mature in Europe," concludes 'UK Online Retail And Travel Forecast, 2008 To 2014', the latest report from market forecasters Forrester Research.
The Forrester forecast is based upon a survey of more than 4,100 UK consumers as well as interviews with leading British retailers and forms part of a series of Forrester forecasts on the future of online retail in the UK, France, and Germany. Key findings include:
- More than half of UK consumers shop online today — that is about 28 million people. By 2014, 37 million UK consumers will be online and will spend nearly £56 billion on the web.
- UK consumers outspend their European and even their American counterparts. UK shoppers estimate they spend £1,312 (€1,341) per year online. To put this in perspective, Germans spend €869 a year online, while French consumers spend €781 online annually.
- Books, DVDs, and leisure travel are the most common purchases online in the UK. In France, clothing, books and leisure travel are the most popular retail categories online. In Germany, books, clothing and event tickets are the most popular online purchases.
"For the past decade, online shopping in the UK has been driven by a virtuous cycle," says Forrester Research retail analyst Victoria Bracewell Lewis. "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."
The Forrester report includes a forecast of online retail by category, including apparel, consumer electronics, groceries, household goods, leisure travel, media, recreation, and automotive. Further information is available from the Forrester Research website