UK online retail spending ‘to reach £31bn by 2013′

Online retail spending among UK consumers will reach £31.2 billion by 2013, a new study suggests.

The sector is proving to be a “star performer” during the recession, according to the survey from Verdict Research.

It found that online spending by UK consumers on retail purchases will rise by 13.3 per cent to a figure of £20.9 billion this year.

“The key for individual retailers is to formulate two clear strategies, one for succeeding through the recession and one targeting growth beyond this, as the online channel begins to approach maturity,” advised Malcolm Pinkerton, senior retail analyst at Verdict Research and author of the report.

He pointed out that e-retail is attracting less well off consumers who want cheaper branded goods as well as more affluent individuals who enjoy the convenience of shopping online.

A separate study published last month also suggested that online retail is performing strong despite the economic downturn.

The IMRG Capgemini e-Retail Sales Index revealed online sales in April were up by 14 per cent compared to the same month last year.