Online Spending in Europe Grew 12% in 2023, Reaching €435.3 Billion

Consumer e-commerce spend grew by 12% in 2023, according to new research conducted by Kantar on behalf of Nets, part of Nexi, the European PayTech. Surveying 18,000+ consumers across Europe, 88% indicated they had purchased something online in the 28 days prior to taking the survey.

Overall e-commerce spend reached an all-time high of €435.3 billion in 2023, according to the research. Spending on physical goods surpassed €200 billion, with €171.4 billion spent on travel, representing 20% growth from 2022, as the industry continues to recover post-pandemic.

Martin Pitcock, Chief Marketing Officer, eCommerce at Nexi Group commented: “When shopping online, consumers traditionally spent the most on travel. The pandemic halted this growth, but the sector is now back on track and may soon eclipse physical goods as the number one area of online consumer spend.”

Despite behavioural similarities across regions, there are clear market differences developing in several areas: the mix of physical goods, the development of travel spending and the availability of online services varies massively between markets in Nordics, Central and Southern Europe.

However, convenience, lower prices, and a larger range of options were common purchasing drivers identified in every country. This is particularly clear when analysing entertainment spending. Consumers are looking for experiences, such as tickets for cultural and sporting events, and spending big on online streaming services, topping €21 billion combined in 2023; with 49% of services spend going on streaming services for music, film, TV, and audiobooks.

The survey also revealed the growing importance of sustainable selling online. Half of consumers said they believe there is a lack of sustainable online shopping options and that they’d actively choose more sustainable shopping options if offered. Merchants that offer these options can stand out from competitors, attracting new customers while retaining existing ones.

Martin continued: “We see improving sustainability as the next frontier for merchants. Currently, there aren’t enough sustainable options for consumers when making purchases online and our research shows that merchants are missing opportunities to win big. Merchants should look to offer recyclable packaging alternatives or greener shipping methods as a minimum. Those that don’t, will be left behind as consumers continue to express their preferences for greener shopping.”

You can download the full Nexi 2023 eCommerce report here.