Britons are world's highest online spenders

Britons are spending more than any other nation online, as internet sales have jumped by more than a quarter according to a new report which analyses how the UK uses payment cards online reveals.

Card spending on the internet totalled 154 billion pounds in the UK in 2016, averaging 422 million pounds a day, figures from The UK Cards Association show. This is a rise of 28 per cent since 2014, when online spending amounted to 120 billion pounds.

The figures show the UK spends more online more per household than any other country, including Norway at USD 5,400, USA USD 4,500 and Australia USD 4,000.

The UK has the largest e-commerce market in Europe

The UK has the largest e-commerce market in Europe and ranks third globally in terms of the total amount of online sales, behind China (20 times the size of the UK population) and the US.

Clothing bought online amounts to 23 percent of all fashion sales.

The report looks at internet spending patterns on debit and credit cards in the UK and finds that: A quarter (26 per cent) of all card spending was online last year, up from 22 per cent in 2014 1.8 billion purchases were made online in 2016, an average of 150 million a month. This is an increase of 38 per cent from 1.3 billion in 2014.

Richard Koch, Head of Policy at The UK Cards Association, said: “The internet enables millions of people to access services around the clock from wherever they are based. Payment cards have driven this revolution, providing an easy and secure way to shop online, whether it is to buy an app for your phone or a sofa for your living room. Since the early days of internet shopping there has been a host of innovations, from digital wallets to one click purchases, which bring enhanced security, choice and convenience for customers and which will lead to continued growth in the sector. The additional protection provided when using a card also gives consumers extra peace of mind when they are shopping online.”

The UK Cards Association is the trade body for the card payments industry in the UK, representing financial institutions which act as card issuers and acquirers.

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