The Virgin Media Digital Insights Report has forecast a near doubling in online consumer spending in Ireland to more than €14 billion annually between now and 2021, with significant opportunities for Irish SMEs in the process.
According to the report, the digital economy is now worth around 6% of Ireland’s GDP and that 94% of Irish internet users shop online. Between them, they have spent €7.5 billion over the past two years.
According to Virgin, the average online spend has grown by 13% since 2014 to €80 per month person and around60% (€4.5bn) of Irish online shopping currently goes abroad. If consumer spending continues on the current trajectory, that could rise to €8.5bn by 2021, the report noted.
The research was carried out on behalf of Virgin Media by Amárach, across a representative sample of 1,000 adults throughout the Republic of Ireland, exploring their experiences, behaviours and intentions in relation to the digital future.