Recent data published by both The Telegraph and The Drum suggest that the wider availability of superfast broadband is responsible for the recorded boost in the amount spent on online shopping. Superfast broadband is currently estimated to contribute around £225 million extra spent online each year, with this figure due to increase to £740 million by 2017.
The research, conducted by the Royal Mail, indicates that by 2017 around 95% of the global population will have access to faster broadband speeds, thanks to an investment in the service of around £1.7 billion. There are currently around one million homes and businesses that can currently boast access to such technology.
Britons are spending an average of £23 more every year on online purchases thanks to the advancement of broadband technology. Edinburgh witnessed the highest increase in online spending compared to other UK cities, with an extra £4.4 million being spent by residents. Edinburgh was followed by Birmingham and Glasgow in terms of the largest recorded increases.
The roll-out of more superfast broadband services is expected to create around 56,000 extra jobs for the UK by 2024, thus aiding the economy even more. Nick Landon, managing director of parcels at Royal Mail, noted that the research confirms how superfast broadband speeds can have a “positive impact on spending online.” He called increased and faster connectivity the “catalyst” which encourages people to spend more. According to the government, around 40,000 new premises are gaining access to faster broadband every week.