Online shopping savvy 'may keep secured loan uptake low'
12/08/2008People may be avoiding taking out secured loans by increasingly shopping online.
Research from uSwitch.com has found that internet buying has gone up to £26.5 billion in the first half of 2008 and is expected to reach £163 billion by 2020.
It added that this could be in direct response to the UK's current economic crisis, as Britain's online sales are currently 40 per cent higher than its closest European rival Germany.
But the price comparison site stated that clothes shopping online is now the fastest-growing area of the industry, although books remain the "most popular online purchase on the global World Wide Web".
"The number of customers buying these items over the internet has increased from 20 per cent in 2006 to 36 per cent in 2008," commented the company.
Meanwhile, Joanne Denney-Finch, IGD chief executive, has stated that people are adjusting their shopping habits and turning to the web to save money.
 © Adfero Ltd
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