European e-commerce market revenue will reach $465 billion this year! Online shopping penetration rate is nearly 60%

The online shopping boom during the pandemic has led to astonishing growth in Europe’s e-commerce market , with revenue and user numbers climbing sharply . And as millions of people continue to shift from offline to online , Europe’s e-commerce revenue is set to hit a new record.

According to data provided by Finaria.it, the European e-commerce market is expected to reach $465 billion in revenue this year, 30% higher than pre- pandemic levels. Fashion, electronics and media businesses will account for half of the revenue .

In fact, long before the pandemic , the European e-commerce market had seen astonishing growth. According to a survey by Statista, in 2018, the European e-commerce market revenue increased by $24.8 billion year-on-year to $320.6 billion. By the end of 2019 , this figure had increased by another $33.6 billion to $354.1 billion.

The online shopping boom brought about by the epidemic has made 2020 the year with the largest revenue growth in the European e-commerce market so far . Statistics show that last year, European e-commerce revenue reached US$425.2 billion, a year-on-year increase of US$71 billion.

The European e-commerce market is expected to continue its strong upward trend in 2021 , with the entire market growing by another 9.5% year-on-year. By 2025, the value of the European e-commerce sector is expected to reach nearly $570 billion.

As the largest market segment, fashion is expected to reach $143.5 billion in 2021, up 32% from before the pandemic . By 2025 , this figure is expected to reach $176.5 billion. The electronics and media sector is expected to reach $103.5 billion this year, while the home food and personal care categories are expected to have revenues of $68 billion and $63.6 billion respectively.

Statista also showed that the average income of European consumers is expected to reach $918 this year . In fact, in recent years, the number of online shoppers in Europe has increased significantly from nearly 395 million in 2017 to 455.5 million in 2019. Statistics show that the number of Europeans shopping online this year will reach 506 million, with a user penetration rate of nearly 60%.

The UK, Europe’s largest e-commerce market, is expected to generate nearly $104 billion in revenue by 2021, up 7% year-on-year. Germany , the second-largest e-commerce market , is forecast to have a total market value of $95 billion this year , up from $87.6 billion in 2020. France and Spain are forecast to generate $58.9 billion and $23.8 billion in e-commerce revenue, respectively .

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