Partner Article

Region’s firms urged to tap into retail revolution

A BUSINESS advisory firm is encouraging companies in the region to take advantage of the predicted growth in online retail sales, which is estimated to be around £8 billion this December.

Newcastle based Deloitte predicts that online retail sales are set for another bumper Christmas as consumers opt to buy present for family and friends online.

In the North East 76% of consumers plan to spend the same or more than last year on gifts, 87% plan to do likewise on food and drink, whilst 88% intend to match or increase last year’s spend on entertainment and leisure.

Paul Feechan, partner at Deloitte in Newcastle said: “We know that 76% of consumers in the North East plan to spend the same or more than last year on gifts. Therefore, it is critical that retailers in this region get their online offering right.

“Growth will not be easy to come by and online is an opportunity retailers simply cannot afford to ignore.”

In a survey conducted on over 20,000 consumers across Europe, including 2,000 in the UK, Deloitte found that most people intend to continue spending this Christmas.

The firm predicts that online retail sales are set to take up to 23% of total spend, well over double its annual share.

Paul Feechan added: “Online has been the great success story for retail over the past decade.“He added: “Next year is going to be tough for the retail industry as a whole, but online will continue to grow quickly.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .