Online shopping set to overtake High Street as millennials spend £110 per month
Online shopping will outstrip sales in High Street stores within the next decade, according to a new report.
Research published this morning by retail insight firm Retail Economics suggests that internet shopping will account for 53 per cent of all retail sales by 2028, eclipsing purchases made in brick-and-mortar stores.
Growth in online shopping is being driven by millennials and Gen Z, who will account for half of the UK population in the next decade.
Retail Economics suggests that millennials already spend an average of £110.45 online per month - the highest figure of any age group.
Nearly two-thirds of 16-24 year olds said they shop online at least once a fortnight, but that figure drops to just 29 per cent amongst those aged over 65.
The research comes in the midst of ongoing pressure on High Street retailers, which have been hit by a wave of closures.
Brick-and-mortar shops are being hit by the twin pressures of the shift to digital and a business rates regime that many retailers have said is punitive and unworkable.
Commenting on the research, Retail Economics chief executive Richard Lim said: “Successful retailers have always had to reinvent themselves to stay relevant.
“However, the pace of change will inevitably prove too fast for many.
“While the impact of future technologies and consumer acceptance is highly uncertain, it definitely feels like the digital revolution is only just getting started.”