Visa forecasts GBP450m UK card spend on 2 December

Visa

Online transactions will top GBP7.7m.

On Monday 2nd December 2013 it is predicted that online transactions will top GBP7.7m, up 16% on 2012, making it the busiest day of the year for ecommerce, according to Visa Europe.

It is predicted that GBP450 million will be spent in one day, that GBP312,500 being spent per minute or GBP5,208 per second online.

UK consumers’ shopping habits have changed significantly in recent years: more than 25% of all spend with Visa is now online and more and more consumers are using their mobile devices to search and purchase whilst on the go.

Analysis of Visa Europe’s data shows that the busiest online shopping day historically falls on the Monday closest to the beginning of December. A combination of pay day for the majority of consumers falling on the last Friday of the month and a weekend spent browsing the shops, results in shoppers logging on to buy their gifts online on the subsequent Monday.

All of these factors will result in consumers increasing their online transactions by 16% on last year.

“UK consumers’ love affair with online shopping will reach its peak on Mega Monday when we predict that we will process 7.7 million Visa transactions – a 16% rise on last year,” said Jeremy Nicholds, Director of Commercial Development at Visa Europe. “Online shopping now accounts for more than 25% of spend with Visa in the UK, signifying the confidence that consumers have in the security of online payments and in the delivery of goods. With an average of GBP312,500 expected to be spent online every minute on 2nd December, the Christmas shopping season will certainly start with a bang!”

Visa bases its prediction on up to the minute spending data and previous years’ Christmas spending trends. The weekend of 21st – 22nd December will be a key time for many consumers to make last minute purchases, as Visa Europe predict Saturday 21st December to be the busiest day for shopping on the high-street. 

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