Research from uSwitch reports that, thanks to cheaper and faster broadband services, 13.5 million Brits now spend an average of 4 days online shopping each year! It's anticipated that Internet spending could hit £40 billion by the end of this year and £162 billion over the next decade (40% of UK retail sales):
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. Online security has vastly improved so our peace of mind is greater than ever before.
The internet makes it easy to shop around at maybe 40 or 50 different stores in one go to make sure that we are getting the best deals. No doubt, the fact that as nation we could save a massive £13 billion a year by shopping online is another reason why we as consumers have whole heartedly embraced online shopping."
Overall we spend more time shopping than we do using the Internet for other tasks, such as banking, gaming and downloading music.
Unfortunately this news story only serves to remind us that Christmas is coming up and our bank balances are likely to reduce again until the same time next year.
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