British consumers amongst most active online buyers
A report by the Centre for Retail Research has confirmed that UK shoppers spent far more online than anybody else in Europe in 2009. Indeed UK online shopping accounted for around one third of all online purchases within Europe which equates to a figure of £30 billion. The average spend per shopper in the UK was over £1,100 in 2009 with expectations that this will increase further in 2010.
The Centre for Retail Research believes that UK online spending could hit a massive £42.7 billion in 2010. Online sales accounted for around 10% of all retail sales in the UK in 2009 and again this figure is expected to increase dramatically in 2010. It seems a mixture of discounts, promotions and the accessibility factor have come together to create a shopping heaven for many consumers across the UK.
The long-term problem for high street shops is the fact that they find it very difficult to compete with online operations purely on cost because of their own relatively high cost base. As a consequence of the increase in online spending we are likely to see a number of UK retailers go out of business in 2010 until some form of equilibrium is reached.
UK economy soldiers on
The British economy continued to expand in the first quarter of 2007, albeit at a static rate.According to preliminary official figures Britain plc grew 0.7 per cent in the first three months of this year, consistent with data from the tail end of 2006.The Office for National Statistics (ONS) says that today's figures mean the UK economy has grown by 2.8 per cent in the last 12 months.The growth o...Read More
Are the Boxing Day sales enough to kick start the UK economy?
Retailers around the UK have been reporting massive sales today with shoppers out in force to grab the best of the bargains after Christmas. Many have been surprised by the substantial amount of money seemingly available to the UK consumer after months of concern about where the sales were going to come from. So have we reached the bottom of the retail market?
While there is no doub...
Bank of England cautious on UK economy
The Bank of England has revised various forecasts regarding the UK economy amid concerns that the exit from recession will be slower and longer than expected. While the Bank of England last week suspended the quantitative easing program, the bank's governor Mervyn King has today suggested that the program may return and it is too soon to end the program completely. So where does this leave the UK...Read More
Recession? What recession?
UK consumers are this month expected to withdraw around £10.6 billion from their bank accounts as the last minute dash for Christmas present continues. Despite the fact the UK is still officially in recession, it is believed that the December 2008 figure will be exceeded by over £600 million with on average £237,100 withdrawn every minute! The figures have been calculated using the time-hono...Read More
Conservatives warn of Greek style economic collapse
George Osborne is today on the attack warning the UK electorate of the need for an emergency budget after the next general election. He has again repeated his claims that the UK potentially stands on the verge of a Greek style economic collapse which last week saw the EU stepping with promises of support if required. So is the UK economy really on the verge of collapse? The comparison between t...Read More