High street suffers as online marketplaces triple in popularity

SPENDING on online marketplaces like Deliveroo, Booking.com and Airbnb is growing threefold each year, as more Brits buy and sell products through internet bazaars.

Internet and app shoppers are increasingly spending on digital marketplaces rather than on retailers directly, according to a report from payment provider Stripe.

More than 70pc of Brits have turned to an online market like Amazon, while 20pc have used a food delivery app like Deliveroo.

Changing spending is particularly hitting food and restaurants. A report from UBS this week estimated that the global food delivery market was now worth $30bn, with “millennials” three times as likely to order through food delivery apps than their parents.

The use of online marketplaces that bring together brands, shops or restaurants has exploded in recent years.

Mobile and internet based shopping has seen the gradual decline of the high street, causing downturns in footfall and difficult market conditions.