Forrester now expects online retail to drive €147.5 billion in sales in 2006, compared to the previous forecast of €151.9 billion. However, the figure for 2002 has been revised upward slightly from €32.5 billion to €32.8 billion.
“In April 2001, the European Commission predicted that private consumption would grow 2.7% in 2001 and 2.3% in 2002. But in November last year, the Commission downgraded its April prediction to 2.3% growth in 2001 and 1.7% growth this year. The OECD and the IMF have published similar, lower predictions for the European economy,” said Forrester Research Director Jaap Favier.
Forrester research predicts that consumers will purchase 57% more online in 2003 than they will in 2002. “The bargain hunters of early 2002 will have become tenured Net buyers and will extend their purchases to more retail categories and bigger-ticket items,” adds Favier.
