UK online spend to top £75bn by 2023, GlobalData
Almost 80% of the UK population shopped online in the last 12 months, with penetration driven by younger consumers, according to GlobalData.
It says that total online spend is forecast to rise 34.5% over the next five years, reaching over £75 billion by 2023. E-commerce will remain a key driver of total growth in the UK retail market as physical channels struggle with falling footfall and shoppers seeking convenience and choice online.
Sofie Willmott, Senior Retail Analyst at GlobalData, says: “Retailers continue to invest in their online propositions, enhancing the digital shopping experience while also offering a wider choice of fast, flexible fulfilment options, which is encouraging UK consumers to shop online.”
Clothing and footwear will remain the largest sector online over the next five years. Pureplays are driving growth with spend via the likes of Asos and Amazon set to rise 67.4% out to 2023.