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Growth in online shopping despite credit crunch

By FashionUnited

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The latest figures from the IMRG Capgemini e-Retail Sales Index reveal that online spending is still at a record high, despite reports of falling consumer confidence and the tightening of debt markets. IMRG and Capgemini have discovered that UK consumers spent £13 billion in the first quarter of 2008 – an equivalent of £2132 for every person in the UK. Shoppers spent over 50% more than the first quarter of 2007. UK shoppers do not appear to be curbing their spending online as they are now spending a third more per online visit (£12) compared to five years ago. In addition, nearly £850 million was spent online in the week of the Easter holidays, according to the Index.

Online sales for clothing, footwear and accessories have fuelled growth – people spent nearly a quarter (21.8%) more in March compared to February.

Anthoula Madden, Vice President at Capgemini UK’s Consumer Products and Retail Team said: “The poor Easter weather appears to have paid off for online retailers as more people seem to have spent more time inside, shopping online in March. Jo Evans, MD of IMRG, commented: “When the going gets tough, shoppers go online. We have seen this before during every downturn since the Index began, so can confidently predict that e-retail will buck the high street's flatline trend and continue to grow strongly during the year ahead.

Image: Let's Shop

IMRG