Huge rise in online card payments predictedData Insights 15 October 2013
Online retail is growing all the time, according to new research.
A new report from industry researcher Verdict Retail has suggested that UK retailers are set for a bumper Christmas.
It has, in fact, been claimed that ever-improving consumer confidence allied to a recent baby boom means that firms are in line for their most profitable Christmas since the onset of the recession in 2008.
Verdict predicts that the fourth quarter will see consumer spending reach £88 billion, which is equivalent to a 2.2 per cent increase on 2012.
What’s more, research has suggested that online spending will, once again, rise in the fourth quarter of 2013.
Online card payments are expected to be worth as much as £11.6 billion, which is equivalent to a 12 per cent increase on last year.
“Shoppers have far more reasons to be cheerful this year,” said Maureen Hinton, Verdict’s Research Director.
“On top of all this, during the recession there has been a baby boom which means one of the prime targets for Christmas spending, kids, is growing,” she added.
More specifically, the research firm said that it expects to see online card payment spending spike on Monday, December 23rd, with consumers on the look-out for some great last-minute deals.
Indeed, it has been suggested that consumer spend will increase by as much as 12 per cent.
And this impressive figure goes some way towards underlining the appeal of web-based retail, which ensures that customers are not dictated to by regular store opening times.
The report also provides an industry-by-industry breakdown of consumer spending, which shows that the recent recovery in the housing sector has helped to boost home-related products.
For instance, there is expected to be a 3.84 per cent year-on-year rise of spend on food and groceries since 2012.
Likewise, the healthy and beauty spend is set to rise by 3.24 per cent, according to Verdict, which also claimed that spending on clothing and footwear will increase by 3.15 per cent. You read it here first!