UK online retail sales in November and December are set to exceed £20 billion for the first time, double the amount recorded in 2014, according to global real estate advisor, Colliers International.
A combination of millions of workers being paid just before Black Friday and Cyber Monday plus continued wage growth in the economy means that shoppers are set to buy online in unprecedented numbers, representing around 23% of total shopping spend across the UK during the period.
Colliers’ co-head of retail, Paul Souber, commented: “This pay packet ‘feelgood factor’ will bolster the November-December trading period.
“It’s been five years since monthly online shopping volumes passed £5 billion and this is another milestone in the evolution of multi-channel retailing.
“This trend also benefits physical shopping environments. Click-and-collect is now a huge driver of footfall to High Streets and shopping centres across the UK. For example, around half of NEXT’s online sales are collected in-store and research shows that people picking up purchases have a substantial tendency to then shop some more in that location.
“So shopping events like Black Friday deliver benefits to both online and bricks and mortar retailers.”
Last year, online sales in November and December were £18.1 billion combined.
Mark Charlton, head of UK research added: “Retailers that have a fully integrated omni-channel strategy encompassing physical stores and online and mobile platforms, which are fed through social media, will truly reap the benefits of this spike in spending.
“The timing of this year’s Black Friday should bring some early Christmas cheer to the Retail sector.”