European online retail market larger than the US

British consumers spent £50.34 billion ($79.35 billion, €60.14 billion) online last year, a growth of 14 percent on the previous year, according to a report by the Centre for Retail Research and commissioned by comparison-shopping website Kelkoo. For the third consecutive year, the UK topped the European table, representing almost a third of European online sales. Consumers in Germany spent £38.18 billion ($60.18 billion, €45.61 billion) online last year, while French consumers spent £32.75 billion ($51.62 billion, €39.12 billion).       

This year, European online spending is set to see double-digit growth, once again outpacing its US counterpart. The report estimates that by the end of 2012, online retailing in the EU will be worth €232.76 billion (£194.84 billion, $307.13 billion). This is a rise of 16 percent on 2012, when sales hit €200.52 billion (£257.09 billion, $405.24 billion). The US online retail market will grow 12.8 percent in 2012, with sales reaching $224.19 billion (£142.22 billion, €169.91 billion).

Looking ahead, Poland and France are set to be the fastest growing online retail markets in 2012 with sales rising from €4.51 billion to €5.59 billion (£4.68 billion, $7.38 billion) and from €38.66 billion to €47.17 billion (£39.49 billion, $62.24 billion) respectively. High rates of growth are also expected in Sweden, Italy and Norway. The mature markets of the UK and Germany are expected to see the slowest rate of growth, at 14 percent and 13 percent respectively.