£422 Million Spent Every Day Online

Recently, as we do many things well, e.g., queueing and breakfast to name a couple, yet another accomplishment was added to this roster.  Brits are at the top when it comes to online spending.

Norway was a close second to the Brits.  A typical United Kingdom (UK) domicile spent $5,900 online, according to data compiled by the UK Cards Association presenting 2015 data.  Norwegian households spent $5,400 and then came the United States (US), averaging $4,500 for the same time period.

One in four our online card purchases were for entertainment, it was reported.  This included such things as theatre and concert tickets as well as downloads for music.  The typical domicile also spent a lot on take-out food; namely, £500 in that year.

Financial services accounted for 27% of the online expenditures for 2015 including paying bills like insurance.  More and more individuals are buying originally or renewing it over the internet or at least doing comparison shopping for policy rates there.

Additionally, the UK Cards Association data reported that spending online went up by 20% across years 2014-2016 and a grand total of £154 billion was sent into cyberspace in 2016, working out to £422 million daily.

Things are happening so fast the some are articulating worries about security matters, but Richard Koch, the UK Cards Association’s policy head indicated, saying, “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.”