Consumer spending on mobile set to hit £53bn a year by 2024

Consumers are set to spend £53.6 billion a year using their smartphones and tablets by 2024, according to new research.

Nearly half (42.4%) of all retail sales will involve a mobile device in some way or another, making mobile the fastest growing retail segment, according to research from Barclays.

This is against a backdrop of predictions for single digit growth across the wider retail sector. In 2014 the value of retail sales reached £325 billion. During the next five years’ time the sector is forecast to enjoy 8.1% growth taking sales to £351 billion with the figure rising to £391 billion by 2024.

Richard Lowe, Managing Director and Head of Retail & Wholesale at Barclays, said: “The size of the retail opportunity is clear for all to see. The question every retailer should be asking themselves is what they are doing about it to not only satisfy today’s consumer but, also tomorrow’s”.

The number of tablet users has doubled in each of the past two years, with almost half of adults now owning one, while smartphone penetration has rocketed since 2007 following the launch on the first iPhone. In 2009, 14% of consumers owned a smartphone. By 2014 the number had more than quadrupled to 61% and by 2019 around three quarters of adults are predicted to own one.