Money Card spending online jumps to £422m a day

12:15  21 april  2017
12:15  21 april  2017 Source:   Press Association

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Card spending online reached £154 billion in the UK last year, averaging £422 million a day , the UK Cards Association said. The figure is an increase of 28% since 2014, when online spending amounted to £120 billion.

Card spending online reached £154 billion in the UK last year, averaging £422 million a day , the UK Cards Association said. The figure is an increase of 28% since 2014, when online spending amounted to £120 billion.

Online shopping stock © PA WIRE Online shopping stock

Internet spending has leapt by more than a quarter in the last two years, figures show.

Card spending online reached £154 billion in the UK last year, averaging £422 million a day, the UK Cards Association said.

The figure is an increase of 28% since 2014, when online spending amounted to £120 billion.

The UK spends more online per household than any other country, at 5,900 US dollars in 2015 - higher than Norway (5,400 US dollars), the US (4,500 US dollars) and Australia (4,000 US dollars), the study found.

Spending on entertainment accounted for one in four online card purchases.

A quarter of all card spending (26%) was online last year, up from 22% in 2014, with 1.8 billion purchases made online at an average of 150 million a month - an increase of 38% from 2014.

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Please use a supported version for the best MSN experience. Card spending online jumps to £ 422 m a day . Card spending online reached £154 billion in the UK last year, averaging £422 million a day , the UK Cards Association said.

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Nearly four in every 10 pounds spent on travel is paid for online, with 54% of spending on flights made through the internet.

Consumers now go online for a quarter (23%) of all clothing spending, while 67% of concert ticket spending and 61% of cinema, theatre and dance spending is done on the internet.

Richard Koch, head of policy at the UK Cards Association, said: "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."

Bank lending to consumers slowed to 6.1% in March, BBA says .
However, borrowing by non-financial companies saw an increase.The decrease is a substantial deviation from October's figures, which registered a 10-year high of 7.2%.

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