European online retail 'to hit €114bn in 2014'

11:38 9th March 2010

Companies in Lancashire could benefit greatly from launching an online retail presence, new research has predicted.

The study by Forrester Research has forecast that e-commerce in Western Europe as a whole will grow at a compound annual growth rate of 11 per cent to reach a value of €114 billion (£103 billion) in 2014.

Improved web access and strong promotions will also drive the number of online shoppers in Europe up from 141 million to 190 million over the period, while the average spend per consumer is set to rise from €483 to €601.

Patti Freeman Evans, vice-president and research director of Forrester, said that despite the strong figures, there is a divide between countries in northern and southern parts of Europe.

She explained that while half of people in the UK shop online, just ten per cent of people in Spain do so.

"Still, with compound annual growth rates approaching 20 per cent in markets like Spain, emerging European e-commerce markets are poised for a vigorous period of growth," she added.

New figures from Deutsche Card Services recently highlighted women spend less through online retail than men.

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