Spending online surged ahead by 28.9 per cent, according to research house Verdict, up from 27.4 per cent in 2004. Of the extra£3.9 billion spent by consumers on retail last year compared with 2004, almost half (£1.8 billion) went to online retailers.
Last year, Verdict estimates that consumers bought£8.2 billion of goods online, equivalent to 3.1 per cent of total retail spending. Sales by online retailers are fast approaching the£9.4 billion total sales achieved by department stores.
'E-retail is redefining how people select retailers, enabling them to choose products that meet their requirements precisely, empowering them to find the lowest-price product and allowing them to shop at a time that suits them. This makes online retailers far more formidable competitors to high street retailers than their current sales figures suggest,' said Nick Gladding, senior retail analyst and author of the report.
One in four UK consumers now purchase goods over the web each year.
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