With the recent UK budget announced, we look at how economic challenges such as the cost-of-living crisis have affected consumer spending habits online in the UK. What other strong and growing Ecommerce markets are there available?
In 2022 the global Ecommerce market sales grew by 6.5% from the previous year, showing a clear growing trend of online buying. The UK is one of the leading countries in Ecommerce online shopping with 98% of consumers shopping online, 57% of these purchases are in clothing goods. Fast fashion remains lucrative, driven by factors like cost of living, fast fashion brands such as Shein have become the most downloaded fashion app and most visited fashion site globally in 2023.
However, the UK is not the only market with a strong growing Ecommerce market. Economically stable countries such as the Netherlands (96%), Switzerland (96%), and Germany (96%) all see most consumers buying online. In the US 87% of consumers shop online, with clothing (43%) and shoes (33%) being the most popular categories.
This increase in Ecommerce sales will undoubtedly influence the volumes of parcels shipped during peak times across the globe. In 2020 worldwide parcel volume had reached 161 billion packages. Container shipping has also shown growth increasing by 7.7% in 2023 despite challenges such as rising costs and supply chain disruptions. The container shipping industry reported record-high profits of $208 billion in 2022, almost double its 2021 earnings.
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*Statistics provided by Statista