UK retail industry set for record-breaking day, says report

Data Insights 27 November 2013

UK consumers are expected to spend record sums shopping online on the busiest day for the retail industry in the run-up to Christmas 2013.

Online shopping has risen in popularity in recent years, with consumers increasingly preferring the convenience of buying items from home or on the move rather than heading to the high street.

And this is set to be underlined on Mega Monday, as it has been dubbed by Visa Europe.

This will be the busiest online shopping day of the festive season, with a record sum of money being spent by consumers over the internet.

Visa Europe says that this will occur on December 2nd and has predicted that as much as £1.3 billion will change hands on this date.

The group said that this coming Monday will mark the moment that Christmas shopping gets underway in earnest, hence its record-breaking forecast.

“UK consumers’ love affair with online shopping will reach its peak on Mega Monday when we predict that we will process 7.7 million Visa transactions – a 16 per cent rise on last year,” Jeremy Nicholls, Director of Commercial Development at Visa Europe, commented.

He also states that as many as one in four purchases were made online, “Online shopping now accounts for more than 25% of spend with Visa in the UK, signifying the confidence that consumers have in the security of online payments and in the delivery of goods.”

Recently, a report by the Internet Advertising Bureau and PwC found that UK-based web users spent an average of one in every 12 waking minutes online in the first six months of the year.

As a result, it will be unsurprising to learn that smartphone and tablet advertising rose by 17.5 per cent year-on-year, meaning it was worth £3.04 billion in the first half of 2013.


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