Younger Consumers Fueling the Shift to Digital Shopping
- Online non-food spend to reach over £75bn by 2023
- Online retail spend to increase 7.5% this year, offline 1%
- 80% of UK population shopped online in the last 12 months
- Younger consumers driving online shopping growth
- Clothing and footwear largest sector online
- Online-only retailers like ASOS and Amazon driving growth
According to GlobalData’s report, online non-food spend is expected to rise 34.5% in the next five years, reaching over £75bn by 2023. Online retail sales are projected to grow 7.5% this year while offline sales increase only 1%. With nearly 80% of the UK population shopping online in the past year, particularly younger consumers (95% under 35s), e-commerce is a key driver of total growth in the UK retail market. Physical stores continue to underperform. Clothing and footwear remain the largest sector online as companies improve digital offerings and online-only retailers like ASOS and Amazon invest heavily. This trend is expected to increase 67.4% by 2023.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (GlobalData), discusses relevant data on the growth of online spending in the UK retail market, and presents a clear trend of younger consumers driving this shift. It also includes expert commentary from a senior analyst at GlobalData. However, it could provide more context or statistics for other sectors besides clothing and footwear to give a broader picture of the e-commerce landscape.
Noise Level: 3
Noise Justification: The article provides relevant information about the growth of online spending in the UK retail market and highlights the role of e-commerce in driving total growth. It also mentions specific examples like ASOS and Amazon. However, it lacks a deeper analysis or exploration of the underlying reasons for this shift and does not offer much actionable insights beyond stating that retailers are investing in their online presence.
Financial Relevance: Yes
Financial Markets Impacted: UK retail market
Financial Rating Justification: The article discusses the forecast growth in online spending, impacting the UK retail market and specific sectors such as clothing and footwear, which can affect companies’ financial performance and investment decisions.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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