Virtual Businesses in UK singing in the rain as August bank holiday downpours lead to record online spending
/Online spending growth hit a four-year high in August as the rubbish summer weather drove more people to shop from their armchairs, boosting traffic for virtual retailers and businesses.
Online retailers received a 10.7 per cent hike in consumer spending year-on-year in August, the biggest increase since October 2011, Visa Europe figures showed.
That compares with 6.3 per cent growth in July, showing up the 1.4 per cent growth seen on the high street as shoppers opted to stay dry indoors.
August’s online bumper month saw other consumer industries like tourism and entertainment fare well whilst the high street suffered under the adverse weather.
Families were willing to go out to theme parks, hotels and restaurants, but not to the shops.
Companies in the Virtual Industries, especially niche and boutique retail outlets, may well have seen a boost as footfall on high streets was down 14.1 per cent until midday Monday, when overall footfall numbers rose due to large increases in retail park attendance.
Source: City.am
