UK consumers online spend set to soar by 2011

Thursday, 02 July 2009 09:35

Many consumers have decided to shop online because of the ease, convenience, speed, and choice that they can enjoy. Added to this is the value for money and competitive prices that are available via the Internet.

According to a recent report by online payment service Paypal the value of online spending could reach the £21.3 billion mark. Officials have said that this trend will help to boost the growth of the British retail sector, which has already suffered considerable damage as a result of the global financial and economic crisis.

The survey by PayPal shows that around one quarter of adults in the UK thought that High Street shopping was likely to die out and shopping online would become the norm for most people. Officials have now predicted that by the end of 2011 shoppers will be spending at least one pound in every fourteen pounds spent online. This would reflect a growth in online spending of around one hundred and thirty seven percent.

The report also concluded that recession is expected to change the way that many adults shop in terms of method and location, and many are expected to turn their attention to the Internet.