A new report has revealed that consumers in the UK make a larger proportion of their purchases online than those in all other G20 countries.
According to the report from the Boston Consulting Group (BCG), 13.5% of purchases in the UK are carried out online, compared with only 7.1% for Germany and just 5% for the US.
The report says that the average UK consumer considers the internet to be worth around $3,753 in terms of the benefits it provides, with email, online banking, search engine activity, and online investing being among the favourite uses cited.
This greater tendency among UK consumers to engage in e-commerce is cited as a major factor behind what the report reveals is an essentially world-beating performance from the UK ‘internet economy’.
BCG claims that in 2010 part of the UK economic output generated directly as a result of online activity grew by 10.9%, ahead of that produced by all other G20 countries.
South Korea was found to be the only other G20 nation to come close to the UK’s performance, with 7.3% of the country’s overall economic output directly attributable to the internet economy.
Again, according to BCG the internet economy contributed £121 billion to the UK’s total GDP in 2010, a figure equivalent to 8.1% of the country’s total economic output.
The BGC further points out that the performance of the internet economy in the UK superseded that of its education, utilities and construction sectors.