News in brief: Online spend via mobile to reach £23.1bn

Spending via mobile phones and tablets will increase from £7.9 billion in 2013 to hit £23.1 billion in 2018, according to a new study.

With access to such devices continuing to grow, Verdict Research expects that there will be strong expenditure growth from less wealthy 55-plus shoppers and a greater sales opportunity for lower-value products such as clothing.

Verdict analyst Matthew Rubin said: “Cannibalisation of spend has had a major impact in market sizes as mobile phones and tablets have become more mainstream shopping devices, often replacing desktops and laptops.

“Mobile phone spend has grown rapidly, though it remains relatively small, while tablet spend has grown from nothing to almost twice the size of mobile phone spend in just the two years to 2012, and that trend has continued into 2013.”