Etail spend to grow by 32% this year

Internet consumer spend will hit £44.5bn, accounting for 13.6% of all retail spend by 2012, according to a Verdict Research report.

Similarly, online retail spending will grow by 32% this year to a value of £19.5bn.

Neil Saunders, Verdict's director of consulting, said, "Internet retailing seems to be laughing in the face of the economic slowdown."

"While more muted consumer sentiment may have a slight downward impact on online growth rates, the internet seems much better placed than physical locations to weather the storm," he added.

The report said consumers see the web as a more effective and convenient way to find cheap products than the high street.

"Not only does [online price comparison] give consumers comfort that they're getting the lowest possible price, it also makes competition more intense and keeps prices down across the board," said Saunders.

Published by: Will Cooper

Published 16th April, 2008

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