© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Consumer Spending on Mobile Devices Set to Top £53 Billion a Year by 2024
Posted 14th April 2015

Consumer Spending on Mobile Devices Set to Top £53 Billion a Year by 2024

Consumers are set to spend £53.6 billion a year using their smartphones and tablets by 2024, compared with the £9.7 billion spent today, according to new research by Barclays.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Consumer Spending on Mobile Devices Set to Top £53 Billion a Year by 2024
Image

Consumer Spending on Mobile Devices Set to Top £53 Billion a Year by 2024

Consumers are set to spend £53.6 billion a year using their smartphones and tablets by 2024, compared with the £9.7 billion spent today, according to new research by Barclays.

However, the influence of mobile on spending is expected to more than double this figure from £18.4 billion to £112 billion over the same period. This means that nearly half (42.4%) of all retail sales will involve a mobile device in some way or another, making mobile the fastest growing retail segment.   

If you were to equate mobile sales in terms of store numbers, in five years’ time it would require a chain of around 30,000 stores, nearly three times the size of Walmart, the world’s largest retailer, which has 11,000 outlets worldwide. Within the next decade, the number of stores required will rise to nearer 48,000.  

This is against a backdrop of predictions for single digit growth across the wider retail sector. In 2014 the value of retail sales reached £325 billion. During the next five years’ time the sector is forecast to enjoy 8.1% growth taking sales to £351 billion with the figure rising to £391 billion by 2024.

Richard Lowe, Managing Director and Head of Retail & Wholesale at Barclays, said: “The size of the retail opportunity is clear for all to see. The question every retailer should be asking themselves is what they are doing about it to not only satisfy today’s consumer but, also tomorrow’s”.

The number of tablet users has doubled in each of the past two years, with almost half of adults now owning one, while smartphone penetration has rocketed since 2007 following the launch on the first iPhone. In 2009, 14% of consumers owned a smartphone. By 2014 the number had more than quadrupled to 61% and by 2019 around three quarters of adults are predicted to own one. 

As a result of the growth in gadgets, almost half (46%) of retailers claim that at least some of their sales are already generated through a mobile device. However, less than 3% believe their business is at the cutting-edge when it comes to being mobile ready and a further 70% said they did not currently offer a mobile website or a mobile app for consumers.

When asked about future strategies, less than a third of retailers said they had a clear plan of action when it comes to future investment in mobile with more than two thirds (68%) conceding that they have no specific plans. Of those which did, developing a mobile website followed by a mobile app and offering mobile payment options were priorities.

Interestingly, when consumers were asked what they most wanted, more than half (57%) suggested that all shops offer free hotspots with a further 42% saying they are always on the lookout for free Wi-Fi hotspots when out and about.

Retailers claim their reluctance to invest is because they feel that rather than generating new sales, mobile has simply shifted sales around. They are also concerned that mobile adds substantially to the cost of doing business online.

Richard Lowe continued: “While it may be premature to sound the death knell for desktops and laptops nearly half of consumers claim to be shopping far less on these devices thanks to mobile. With new gadgets and gizmos such as the Apple watch being launched all the time, this trend will inevitably gain momentum”.

“There is also a lingering notion that mobile shopping is bad for store retailing. The physical high street store still has a fundamental role to play and the development of hybrids such as click and collect has conclusively demonstrated that stores can be supported rather than hindered by the growth of digital commerce. Inevitably practices such as ‘showrooming’ leads to some sales shifting online but, with almost three quarters of consumers using their mobile devices whilst out and about, ignoring this trend would be a missed opportunity. Retailers must cater for the mobile consumer in order to remain relevant”.

Categories: Finance


You Might Also Like
Read Full PostRead - Eye Icon
Arbitration Lawyer Celebrates Success
Legal
20/08/2020Arbitration Lawyer Celebrates Success

Few can make the claim that their work has influence on an international level. Harish Salve is one of these lucky few. With a career spanning borders, representing businesses and individuals at the very highest levels, he is a worthy winner in this year’s G

Read Full PostRead - Eye Icon
Hair Raising!
Leadership
30/10/2017Hair Raising!

Hair Raising!

Read Full PostRead - Eye Icon
Most Innovative Firm in Hungary
Legal
05/05/2016Most Innovative Firm in Hungary

SBGK has been a significant actor in the Hungarian legal professional market since the 1970’s. It stands out with the thorough knowledge of the intellectual property law practice area.

Read Full PostRead - Eye Icon
What Is Global Relocation And Why Companies Need It
News
24/02/2022What Is Global Relocation And Why Companies Need It

Global relocation is when a company moves its employees, a whole sector, or a department to a different location. Given the competitive nature of international business and the freedom with which companies can change places, global relocations are happening mo

Read Full PostRead - Eye Icon
Kettani Law Firm – Leading Law Firm in Morocco
Leadership
12/12/2019Kettani Law Firm – Leading Law Firm in Morocco

Kettani Law Firm (KLF) is one of the largest Moroccan independent law firms with 120 staff based in its Casablanca head office.

Read Full PostRead - Eye Icon
Protecting Money in the Digital Age
Finance
13/11/2023Protecting Money in the Digital Age

Money Protects is an innovative financial and technology company based in Dubai, focused on providing clients with services relating to managing wealth and ensuring stable finances that will keep them debt free for a sustainable future.

Read Full PostRead - Eye Icon
Five Types of Security Your Business Office or Warehouse Needs Today
News
01/06/2022Five Types of Security Your Business Office or Warehouse Needs Today

Increasingly, safety in the workplace has become a priority for many business owners.  Ensuring workers are safeguarded from on-the-job hazards is simply a good practice to have in place.  It can protect your business from litigious consequences and helps yo

Read Full PostRead - Eye Icon
7 Essential Strategies for Enhancing Global Business Communication in 2024
News
25/04/20247 Essential Strategies for Enhancing Global Business Communication in 2024

You’re navigating the global business arena, looking to sharpen communication strategies for your international operations. It’s clear that fostering effective dialogue across borders can make or break success in today’s interconnected market

Read Full PostRead - Eye Icon
Centum Acquisition of a Controlling Stake in K-Rep Bank
M&A
01/02/2015Centum Acquisition of a Controlling Stake in K-Rep Bank

Centum, the East African investment firm, announced the acquisition of a controlling stake in Kenyan bank K-REP Bank Limited.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow