Britain Is The ‘Most Internet-Based Major Economy’

The internet contributes to 8.3% of the UK economy, a significantly bigger share than any of the other major countries in G20.  This has made the country's internet economy outgrow the healthcare, education and construction sectors.

According to a study conducted by the Boston Consulting Group (BCG), the UK's online commerce was worth £121bn in 2010, which equates to more than £2,000 per person.  It's also been documented that Brits also indulge in more only retail shopping than any other major economical power: 13.5% of all purchases being done this way in the aforementioned 2010.

The predictions being made by BCG are for the web economy to grow to an exponential £221bn by 2016, and for just over 1 in every 5 purchases to be transacted online (23% to be exact).

Perhaps more disconcerting is their analysis into just how much of a sentimental bond we have with the internet.  65% would give up alcohol for it, 76% chocolate, 78% coffee, and a quarter said they would consider giving up sex for a year to maintain a good broadband connection.

So what we know is that Britain is taking to an online economy faster than people expected, and our preferences for sex are slowly waning away in the face of a good T1 connection.

Press release: BCG