Britons 'have no money concerns when it comes to online shopping'

Tuesday, June 29th 2010

Online shopping is helping to boost the retail sector and suggesting that the money concerns of many Britons have been banished.

According to new research by PayPal, internet buying will grow by 36 per cent in the next 18 months, compared with just one per cent for high street stores.

It also reveals £1 in every £10 will be spent online in the UK by 2012, when the online retail sector will be worth some £30 billion.

Carl Scheible, Managing Director of PayPal UK, says: "Two-thirds of online shoppers are now convinced their money goes further online compared to less than half who believed it last year, an increase of 8.5 million people."

He adds the "silver lining" of the economic crisis has been the success of web-based stores.

But Britons may be wary of spending too much online, regardless of whether items are considered a bargain, with the latest Credit Action report showing the average UK household is in more than £8,000 of debt.