Would you buy online?

In the age of the smartphone, faster-than-ever internet and constant connectivity, it’s no wonder that online shopping is booming. We have a whole new way to shop that’s easier than ever before. More choice, more competitive prices and more customer reviews – all at our fingertips.

The latest ONS figures show that digital purchases make up a whopping 18.6% of all money spent − a huge increase from under 5% in 2006. This led us to think, what are Brits buying online, and how much are we willing to spend over the internet?

Would you buy an online only abode? Or a ‘Click and Collect’ car? Here at Peter Vardy, we launched a survey to find out how much people trust online shopping for expensive items.

High price items: what would you buy online?

To get to grips with people’s online shopping habits, we asked them which high value items they’d be happy to splash their cash on.

 

Over 70% of respondents said they would purchase a sun-soaked getaway online, closely followed by tech such as TVs (69.5%) and computers (63.9%). Around half of us would also be happy to buy their household furniture and jewellery online.

Among the top seven high value items, cars were featured as number six, with 27% of the nation happy to buy a car online without a test drive first. Those in Scotland are hugely trusting when it comes to purchasing cars online, with 40% of those in Glasgow and 45% of those in Edinburgh happy to do so.

Perhaps this is due to online shopping putting the power in the hands of the buyer, rather than the seller. This exciting revelation proves that we’re a nation more than happy to do things on our own terms.

So, how much are British public willing to spend online?

Well, the figures suggest that the nation are more than happy to splash out on high ticket items online. But exactly how much are we willing to spend?

 

Our figures show that 39% are willing to fork out up to £1,000 and 36% happy to spend more than £5,000. Perhaps surprisingly, one in ten will spend up to £25,000 on a single item purchase from an online store. This shows how just how much the British public trust online shopping.

So, what does this mean for ‘Click and Collect’ cars? Will we see a soar in cars purchased online without being viewed first? With the nation happy to splash their cash online, it seems this is likely. In fact, research suggests that one in five cars will be sold online in the next decade, with those aged 25-34 most likely to purchase their new set of wheels this way.

With many great deals to be had across the online market, it’s not surprising more and more people are turning to the internet to find their vehicles. There are certainly great deals to be found across many popular small and medium models, such as used BMWs from £11,490 and used MINIs from £8,290.

But it’s not just competitive purchase prices that have made online shopping popular. Schemes like ‘Build Your Own Deal’ mean you can create a bespoke finance option to suit you, adjusting the deposit, monthly repayment and term length. Plus, you can build your deal whenever and wherever you like, without having to go to a physical car dealership. Win, win!

An unsociable nation: do we buy online to dodge people?

While bagging the best deal is a huge driving factor, it seems being able to shop at our own convenience is another. Who wouldn’t want to find their next set of wheels while sat on their sofa with a warm cuppa?

But are we invested in online shopping purely for convenience, or because we’re unsociable?

Our research has shown that over a third of Brits prefer to shop online so they don’t have to speak to salespeople, as well as avoiding crowds. Shoppers in Leeds are most likely to pick up their laptop instead of heading out the front door, with 60% avoiding the high street altogether so they don’t have to speak to anyone. When it comes to age, 18-24-year-olds are most likely to shop online to avoid in-store small talk (45.5%).

Rather than being a nation of social avoiders, it seems the ability to complete many parts of the car buying process from the privacy of your own home is a clincher for many buyers. Want to value your current car? Need car finance? You can do both quickly and easily online with no obligation. This is appealing for many who want to avoid potential embarrassment of being rejected for finance or offered less than expected for their current car in front of a salesperson.

Seemingly the British public put a lot of trust into online stores and are willing to spend big on single purchases. Being able to hunt down the best deals whenever and wherever we like makes online shopping the preferred option for many. Does this mean that the online market will continue to grow? Most likely.