Britons are predicted to spend more on debit cards than on cash this year for the first time. This comes as figures from the Office for National Statistics showed volumes of retail sales in 2009 were up by 2.1 per cent on retail sales figures in 2008.
Despite the recession, UK retail spending continued to rise throughout 2009 and Britons are predicted to spend more on debit cards this year than in cash for the first time. Last year, the volume of UK retail sales in December was 2.1 per cent higher than in December 2008 according to the Office for National Statistics.
The recession has meant online spending figures have gone up, with people preferring to buy online and use debit cards as opposed to cash and credit cards. This shows people may be thinking sensibly about cutting the costs that can arise from using credit cards, though even debit cards arent always safe from incurring overdraft debts.
According to a report carried out by the Centre for Retail Research and commissioned by Kelkoo, UK online shoppers spent 38 billion on the internet in 2009. This figure accounts for 30 per cent of the total European internet sales, making the UK the largest online retail market in Europe.
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