Net continues to defy consumer downturn

Verdict Research shows that online spending is growing at fastest rate for six years.
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Internet shoppers are at an all time high and online spending is growing at its fastest rate for six years, according to the latest research from Verdict.

In 2007 online spending by consumers on retail purchases grew by 35 per cent to £14.7 billion - a rate of growth almost ten times higher than that experienced by the total UK retail market.

This strong growth is set to continue - with online retail to reach £44.9 billion by 2012, 13.8 per cent of total online spending.

The convenience of online shopping is the main reason for its continued success and is mentioned by more than half of the online shoppers from the 4,059 adults surveyed for the Verdict report.

Electricals and food & grocery made up just under half of all online retail spending last year, with electricals taking the lion's share at 25.1 per cent. However, food is likely to leapfrog into top spot, accounting for 29 per cent of all online sales in 2012, compared with 22 per cent for electricals.

Music and video retailing has the highest online penetration, with internet sales making up 30.8 per cent of total sector sales. Verdict estimates that by 2012 online sales will account for over two thirds of the music and video market.

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