Online growth falters
Despite February’s Year-on-Year online retail growth dropping even lower than the previous month’s record low, there were signs of a return to normal spending patterns within the broader set of results.
That’s according to the IMRG Capgemini Online Retail Index which tracks the online sales performance for over 200 retailers.
While February’s dip to -27% means it replaces January 2022 (-24.4%) as the lowest ever month of growth, this figure isn’t as negative as it may seem, comparing as it does to a staggering +60% growth in February 2021 – the highest growth the index has recorded in its 22 years. In fact, measuring February 2020 against February 2022 shows that online retail sales are actually +16.1% higher now than they were just before the pandemic began.
On a similar note, Month-on-Month growth was also down only -7.7%, which is in line with the normal range of growth from January to February. Meanwhile, Average Basket Value has risen for the first time since it reached a peak last August – climbing from £108 in January 2022 to £124 for February.
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