Shoppers Look for Online Bargains to Combat Soaring Prices

In their efforts to outpace the credit crunch, cash-strapped British shoppers are hunting for bargains on the internet, The Metro has reported.

It is reported that people in the UK have spent close to GBP14.7 billion over the web in 2007, which is 10 times the growth rate of the total retail market. An increase of 24.7% was seen in the number of people who bought goods online.

According to analysts at Verdict Research, the availability of cheaper broadband and better service has contributed to the increases.

“As the cost of broadband falls, consumers become accustomed to internet shopping and retailers continue to enhance their online propositions, the channel will find itself extremely well-placed to capitalize on the falling consumer confidence and lower levels of disposable income currently impacting the retail market,” the Metro quoted Verdict Research spokesperson Malcolm Pinkerton as saying.

The report claims that online shopping is likely to reach GBP44.9 billion by 2012.