UK Online Spending To Hit £40 Billion
The nation of shopkeepers is turning into a nation of Web shoppers.
According to a study released by the UK comparison-shopping site uSwitch, online shopping in Britain will total £40 billion for 2007.
The BBC reported that figure was compiled from official Office for National Statistics retail data. The study went on to predict that, in a decade, online annual sales would reach £162 billion and account for more than 40% of all UK retail spending.
The rosy forecast is backed up by a recent Forrester Research study that predicted online Christmas shopping in the United Kingdom would reach £13.8 billion this year, a 42% increase over 2006.
In the “Europe’s 2007 Christmas” report, Forrester analysts predicted that online shoppers across the continent would spend a combined €51 billion during the holiday season.
The growth of online shopping is being driven by a combination of cheaper broadband prices and faster connection speeds. [eMarketer]
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