It currently stands at 19%.
Retail Economics and Womble Bond Dickson’s study highlights that UK ecommerce sales will account for 53% of the retail market by 2028. This growth in online sales will be driven by the changing demographics of the UK adult population, faster and cheaper in-home deliveries and reducing number of physical stores.
The growth in online shopping is being accelerated by subscription and auto-replenishment service-based business models. The research revealed that millennials are spending an average of over £42 per online transaction and £110.45 per month.
About 10% of surveyed consumers stated their intent of shopping less in physical stores over the next 12 months. The study also found that Gen Z consumers currently shop online once in 15 days. 29% of consumers over 65 years of age shop online once in a fortnight.
[4 minute read]