Online bank cahoot has discovered more people will be using their credit cards to buy presents online this Christmas than trawl the shops looking for gifts.
A survey by online bank found almost half of customers will be avoiding the High Street this year because the shops are simply too busy during the festive period.
And the online Christmas market is growing according to the bank, with spending in November and December expected to reach £5 billion – nine per cent of all retail sales over the festive season.
Managing director of cahoot, John Goddard, says: "Doing battle on the High Street during the traditional Christmas rush is not much fun so more and more people are buying online.
"Five years ago, when cahoot launched, the internet and the people who used it were very different.
"In a relatively short space of time, online shopping has become part of life for many people regardless of gender, age, socio-economic background or location."
The main reasons for avoiding the High Street shops, according to the bank's survey, are lack of patience among consumers to do battle with queues and busy shops and the belief that the internet is a cheaper way to do Christmas shopping.
The online back also offers a webcard service whreby customers are given a new transaction number every time they make a purchase, meaning that their debit or credit card number is never given out.To read more about Online Banking, click here.
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