The amount of money Latvian residents spend shopping on foreign internet shops is nearly three times larger than the amount they spend shopping in Latvian internet shops, according to results of Citadele Bank’s latest survey on internet shopping habits.
Data shows that 73% of money spent buying things online in Latvia is spent in foreign internet shops. The proportion of money spent in Latvia’s internet shops is a mere 27% of the total amount. Products and services residents spend the largest amounts of money online include airline tickets, travel and entertainment, as well as retail trade. In Latvian internet shops, residents spend the largest amounts of money on airline tickets and in foreign internet shops – for goods and services provided by all kinds of retail trade shops.
Men usually spend more money than women when shopping online – 55% of online transactions are carried out by men and 45% – by women. Areas in which representatives of both genders spend money differ as well. Men most often spend money on things related to entertainment and financial services. For example, out of the total volume of money spent on entertainment-related purchases, 71% of that volume of money was spent by men and 29% – by women. Women (71%) spend nearly two times more money as men (29%) shopping in Latvia’s internet shops – food, clothes, etc.
«Based on the amount of money spent in Latvia’s internet shops, it can be concluded that most purchases are carried out by people aged 30 – 50, which can be explained with the fact that people of this age often pay for purchases made by their relatives and children. This is also the age range in which people usually achieve financial independence. Residents older than 60 have not yet formed a habit of shopping online – only 6% of purchases made online are carried out by seniors,» – notes Citadele Bank board member Kaspars Cikmacs.
Winter is the most active season when residents spend the most money online. According to the bank’s data, residents spend the most money in January, which is often called an empty month. Looking at certain industries, however, results show that the volume of expenses related to tourism and travel usually grows during the vacation period – May and June.
«Data clearly points to active and effective development of online services. One of the reasons behind it is the growing trust in financial service providers who continue giving residents save and successful services online. Consumers have also become more knowledgeable – they now use additional measures to keep their cards and sensitive data more secure,» – explains Cikmacs.