Online sales set to quadruple to £162 billion over the next decade
British broadband users now spend more time shopping online than banking, gaming, or downloading music. In total 13.5 million consumers are shopping online spending an average of 4 days a year doing so. Based on these trends, a report by uSwitch.com, predicts that internet spend could rise to £40 billion by the end of this year and to a staggering £162 billion over the next decade - accounting for over 40% of all UK retail spend.
Online transactions reached an all-time high of £4.2 billion in July this year (up from £2.34 billion in the same period last year) as consumers turned away from the high street in a bid to escape this summer' miserable weather. While the benefits of shopping online are clear in terms of time and convenience, uSwitch.com reveals that consumers can also reap the benefits financially. Each household in the UK can save a staggering £500 a year (£42 per month) by purchasing goods and services online. Britain is the largest online retail market in Europe with more than 27 million people expected to shop online over Christmas. In fact, this festive season it is predicted that consumers will break through the £500 barrier for the first time, with the average online shopper spending £509 - a 40% increase on last year.
Steve Weller, Head of Communications Services at uSwitch.com, comments: “Not only does shopping online save you time and money, but it can actually pay for itself. Each household can save £500 which pays for your annual broadband cost nearly three times over. “Over the last five years broadband prices have halved while speeds have gone up, making it cheaper and simpler for consumers to log on instead of going out to the shops.