18/12/2009 - Retail spending 'to rise by 2020'
New research has revealed that retail expenditure of some goods on the internet could surpass those on the high street by 2020, urging retailers to make greater use of the web.
The amount of money Britons spend online is expected to shoot up from one pound in every 13 to one in five over the next 10 years, the eBay Online Business Index predicted.
Online spending would rise by £46 billion, an increase of 223%, while high street spending would fall by £18 billion, a fall of 7%.
The year 2020 might be a "tipping point", experts said, following which items such as books and electricals would see higher online than off-line sales.
But people would still spend the majority of their money on the high street, the study found. Currently, around £264 billion is spent over the counter compared to £20 billion online.
By 2020, "bricks and mortar" shops will rake in £246 billion, as internet sales increase to an expected £67 billion.
Items predicted to see the greatest surge in online sales are clothes and footwear, along with health and beauty products.
Neil Saunders, of retail research agency Verdict, said: "Traditional bricks and mortar shops simply cannot afford to ignore the potential growth opportunities available online."
Copyright © Press Association 2009
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