Online retail spend increases 28% in two years

Online retail transactions have increased by more than a 25% in the last two years, according to new data from UK Cards Association’s research.

In 2016, online card spending reached £154 billion in the UK, on average £422 million per day, an increase of 28% since 2014, when online spending stood at just £120 billion.

The research also indicates that the UK spends more online per household than any other country, at $5,900 (£4,607) in 2015, which is higher than Norway at $5,400, the US $4,500 and Australia $4,000.

Overall 26% of all card spending was online last year, compared to 22% in 2014.

The UK Card Association said this equated to 1.8 billion purchases made online at an average of 150 million a month, up by 38%t from 2014. In addition, almost 40% of travel bookings are paid for online, with flights accounting for 54% of that figure.

Source: Insight DIY Team