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Shoppers 'to spend 1 in every 14 pounds online by 2012'
Online retailers are set to pull Britain out of the recession as recent figures show them bucking the industry trend.
The sector is expected to post the only growth in UK retail by 2012, according to research conducted for PayPal.
UK online retail spend forecast is expected to grow by as much as £12.3 billion to £21.3 billion by the end of 2011.
Research shows that nearly nine million adults already shop online at least once a week with shoppers expected to spend at least one in every 14 pounds online by 2012.
The PayPal UK Online Retail Report, undertaken by Experian, forecasts that by the end of 2011, high street sales will fall by up to £8.3 billion while online retail sales in the UK are set to grow by up to 137 per cent.
This expected growth, amounting to as much as £12.3 billion, would see the value of annual online retail sales jump from just under £9 billion to £21.3 billion.
Despite the predictions, new figures show the growth in online shopping fell in May in line with high street sales and footfall.
E-retail annual growth was 8.2 per cent, the lowest ever recorded by the IMRG Capgemini e-Retail Sales Index.