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Online Shopping 'Up to 40% of UK Retail' by 2020
Research predicts that UK online shopping could quadruple and account for c.40% of retail sales by 2020. The study was conducted by YouGov and the Centre for Economics and Business Research on behalf of price comparison service uSwitch.
Findings suggests that Internet spend could rise to £40 billion by the end of 2007, and climb to as much as £162 billion in the next 13 years.
Back in 2002, online sales amounted to just 2% of total retail spend. This figure is expected to rise to 15% by the end of this year, and 40% by 2020.
According to figures issued by electronic shopping industry body, IMRG, during the four week run up to Christmas 2006, online sales reached £3.7 billion pounds - a 50% increase since 2005.
Steve Weller, Head of Communication Services at uSwitch.com, comments: 'The dramatic surge in online shopping last Christmas shows that British consumers are already savvy to the benefits of buying goods and services over the Internet. In the last year, broadband prices have fallen by up to 17%, while speeds have gone up, making it cheaper and simpler for consumers to log on instead of going out to the shops.'
Eight million households currently spend an average of two hours per day shopping online, and £980 per year on online goods and services, which represents almost 10% of their total annual shopping bill. Holidays, music and films are the most popular purchases, and the study suggests that households could save £500 a year, by buying online as opposed to the high street.
The study's authors are online at: www.yougov.com and www.cebr.com , while uSwitch's site is at www.uswitch.com .
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