Shoppers go online during credit crunch
Shoppers buy online as high street sales decline
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Tuesday, 12, Aug 2008 08:11
While retail sales have been falling, online shopping figures have soared and will account for 44 per cent of all sales by 2020, uSwitch.com has forecast.
High street retailers saw a 3.9 per cent fall in June sales, the sharpest monthly decline since records began, while online sales increased to a record £26.5 billion in the first half of 2008.
If these trends continue, online sales will make up 44 per cent of all retail by 2020 and by 2026, online sales will account for half of all sales.
Steve Weller, communications expert at uSwitch.com, said: "With less spending money than ever, higher petrol prices and busier lifestyles, it makes perfect sense for consumers to turn to the internet to fulfill their shopping needs.
"The new figures show that consumers have wholeheartedly embraced online shopping and this trend is set to continue.
"With 15 million households having access to broadband connections, shoppers have instant access to the global online high street."
Britain is leading the way in Europe when it comes to online shopping, uSwitch said, with total UK online sales in 2007 nearly 40 per cent higher than closest rival Germany, as well as France, Italy and Spain.
Despite the increasing popularity of internet grocery shopping, the fastest growing online retail sector is clothes, accessories and shoes. The number of customers buying these items over the internet has increased from 20 per cent in 2006 to 36 per cent in 2008.