Online spending 'to reach £42.7bn in 2010'

11:44 1st February 2010

Companies in Lancashire could enjoy a major sales boost by embracing online retail services, after new research revealed that online spending in the UK could reach £42.7 billion this year.

The study by the Centre for Retail Research found that Brits spent an estimated £38 billion online during 2009, which accounted for 30 per cent of total internet sales seen across Europe.

However, growth of 12.4 per cent is expected over the next 12 months, meaning companies could benefit greatly for using e-commerce facilities to sell and promote their products and services.

According to the study, the UK is now the biggest single online market, followed by other major European powers including France and Germany.

Discussing the findings, Bruce Fair, managing director of online shopping site Kelkoo, said: "This year is when we will really start to see online sales achieving a significant share of overall retail trade in the UK."

Recent figures published by PayPal revealed that while the recession has ended, online shoppers in the UK are set to continue to spend cautiously over the next few months.

It was also revealed that 54 per cent are set to spend more time looking for bargains.

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