According to a recent report the amount of money spent online by consumers in the UK is set to soar by the end of 2011, aiding the growth of the British retail sector.

Since the Internet became mainstream, and access to broadband became more affordable and more available, online shopping has become a popular pastime for consumers in the UK, with many deciding to shop online because of the ease, convenience, speed, and choice that they can enjoy, not to mention the value for money and competitive prices that are available via the Internet.

According to a recent report by online payment service Paypal the value of online spending is set to continue rocketing, and by the end of 2011 could have reached the £21.3 billion mark. Officials have said that this trend will help to boost the growth of the British retail sector, which has already suffered considerable damage as a result of the global financial and economic crisis.

A survey that was carried out by Paypal showed that around one quarter of adults in the UK thought that High Street shopping was likely to die out and shopping online would become the norm for most people. Officials have now predicted that by the end of 2011 shoppers will be spending at least one pound in every fourteen pounds spent online. This would reflect a growth in online spending of around one hundred and thirty seven percent.

The report concluded that 2011 would be the strongest year yet for online shopping success, and at present is the main area of retail that has been showing growth in the midst of the recession. The recession is expected to change the way that many adults shop in terms of method and location, and many are expected to turn their attention to the Internet.

Source – http://econsultancy.com