Online sales hit new high
Online sales in the month of July increased by 1.1% compared to the figure for June, but jumped by a massive 18% compared to the corresponding period last year. In total the report by the Office for National Statistics shows that UK shoppers spent £5 billion online in July which was the largest year on year increase since 2007. So why are UK consumers suddenly finding favour with the online arena?
There is no doubt that the bad weather over the last few weeks has impacted upon many people's ability to get out and about, thereby increasing the attractions of online shopping. However, the two main factors which have led to the significant increase in online sales are competition and a trust factor which has never been higher.
There is no doubt that many consumers are now waking up to the fact that there are enormous bargains to be had online compared to off-line prices. The ability to pay with various credit cards, debit cards and other payment tools has also caught the eye of many as has the increased security issue which for so long blighted the industry. In many ways the off-line retailers are struggling to compete with "pure" online operations and we are likely to see more companies struggling in the short to medium term.
Share this..
Related stories
Consumer inflation hits 3.3%
The Office for National Statistics has confirmed that the Consumer Prices Index (CPI) rose by 3.3 per cent in May, forcing the governor of the Bank of England to write a letter of explanation to the Chancellor of the Exchequer.According to the ONS, the 3.3 per cent increase is the biggest rise since the CPI measure was first used in 1997.Inflation has been driven by the spiralling price of food an...
Read MoreIs it right for UK banks to reward staff members?
As the fury of the Royal Bank of Scotland's proposed £1 billion bonus scheme continues to build many people are starting to ask whether it is right for UK banks to reward staff members. It is easy to forget that these are businesses which would likely have collapsed had the UK taxpayer not stepped in with substantial funding. While all of the UK rescue packages seem to be built around the banking...
Read MoreReduced Christmas spending 'will be blamed on Santa'
Some credit crunched families are looking to buy less pricey presents for their families this year - and are blaming Santa Claus in the process.According to new research from Netmums.com, 44 per cent of mothers are planning to blame St Nick's belt-tightening - rather than their own - for the cut-price gifts.The website also found that 49 per cent were planning to maintain their current spending le...
Read MoreIs bankruptcy a real option for the New Year?
New Year is traditionally a time when consumers around the world check their finances, make plans for the next twelve months and try to get their affairs into shape. This New Year could be the time when many consumers in the UK, and other parts of the world, wake up to the fact that times are hard, debts are rising and many will not be able to cover their outgoings in the early part of 2009 at le...
Read MoreUK gas supplies dangerously low
It has been revealed that the UK has the equivalent of just eight days worth of gas usage left in storage, as a back up against potential problems with traditional gas supplies. While there is no chance that the UK will run out of gas it is the fact that even backup plans appear to be struggling which has caught the attention of the Conservative party. Yesterday we saw the UK government advisin...
Read More