Visa Europe say that yesterday, Monday November 30th was the busiest ever day for online shopping in Europe. Over 3,000 transactions were carried out every minute on a Visa card across Europe yesterday alone.
The volume of transactions was also expected to increase by 13% compared with the same day of last year. This figure was in fact a whopping 16% growth rate for ecommerce, despite overall consumer spending being down to 7% in general.
Around 4.5 million transactions took place on November 30th, with the busiest period for online sales around lunchtime and another peak around 7pm. Over the course of the day, approximately €220,000 was spent on Visa cards every minute.
Last year, December 1st was the busiest day for online sales with over €280 million spent on Visa cards across Europe. The continued growth in online spend is further shown by the fact that spend on Visa cards has already surpassed 2008’s peak on November 2nd, 2009.
Visa bases its predictions on up to the minute spending data and previous years’ Christmas spending trends. Over €1 in every €9 spent in Europe is on a Visa card, making this data one of the most reliable indicators of trends in consumer spending, Visa has said in a release.
On the High Street, the last Friday or Saturday before Christmas is usually the busiest shopping day but with Christmas falling on a Friday this year, Visa Europe predicts the busiest day will actually be Wednesday, December 23. Visa expects to process over 27 million transactions across Europe worth around €1.4 billion on this day alone. This represents a 9% growth in spend on 2008. The busiest time is expected to be from 11am to 12pm on Thursday, December 24 when Visa will process up to 850 transactions per second, compared to 731 in 2008.
Speaking with a Director at a leading credit card brand, it would appear that the trend for online spending is set to continue outweighing high street splurging. Many individuals are currently being more savvy with their money, paying off debts and saving their salaries in the run up to Christmas. It is now common for smart shoppers to head to the high street to assess and select luxury goods in the flesh, then return home to find a better deal online. With the vast array of comparison sites, options to negotiate and the comfort of shopping from our own home, it is inevitable that the trend to spend online will continue to rise.
