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Online spending growth in the UK hit a record low in September, the monthly IMRG Capgemini e-Retail Sales Index revealed Wednesday.
British consumers spent a total of GBP 3.9 billion online in September, up 7.6% year-on-year, the lowest rate in the history of the index. In August, the growth was 16%. The IMRG Capgemini Index tracks online sales, which is defined as transactions completed fully, including payment, via interactive channels from any location, including in-store.
"The results for September show a slowdown in the growth of online spending but we view this as a temporary blip and expect growth rates to return to the 15% year on year trend we have seen over the last year," said Mike Petevinos, head of Consulting for Retail at Capgemini UK. "The underlying trend is still that consumers are turning to the internet to make more informed purchase decisions."
On a monthly basis, the index grew 1.9% in September, a significant improvement compared to a 10% fall in August. However, this is lower than the average month-on-month increase for September, as shoppers exercise more caution ahead of Christmas and as the recession continues to influence consumer spending.
"The slowdown in e-retail growth during September indicates that consumers are being cautious ahead of the festive shopping season," said IMRG Information Director Tina Spooner.
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