Online Retail to Grow in U.S. and Europe
CAMBRIDGE, Mass.-Online retail sales both here and in Europe will continue their current double-digit growth pattern for the next five years, according to separate studies of both markets from Forrester Research.
Both online-retail markets are projected to rise at a compound annual growth rate of 10 percent a year through 2015. The U.S. market will reach $279 billion in sales in that year, Forrester said, while the European market's sales should total about $185.5 billion. These forecasts encompass business-to-consumer sales and exclude travel and financial services, the research firm said.
Patti Freeman Evans, Forrester's vice president and research director, said U.S. sales on the Internet got a boost in 2010 from consumers returning to "normal" purchasing behavior. "In Europe, very strong growth in 2010 was fueled by new online buyers and higher spending per capita on the demand side, as well as the launch of transactional websites by established offline players," Evans said.
By 2015, Forrester said, 68 percent on online adults will have made a purchase on the web. Northern European countries will see 80 percent or more of their population buying online, as opposed to less than 50 percent of the population in southern European nations.