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15/08/2005
Internet auctions provide boost to UK wealth
Selling goods in online auction sites, such as eBay, is helping to boost UK wealth, a new report has claimed.
Research conducted by the Centre for Economic and Business Research (CEBR), found that selling goods via internet auction sites, has increased the average UK household’s wealth by around £3,000.
According to the CEBR, over £4 billion of trading is likely to be conducted on eBay alone this year, amounting to the equivalent of 1.3% of total UK retail sales.
The research also found that over 50,000 Britons are participating in online trading.
eBay has become renowned for selling unusual and bizarre items. Some of these include a Gulf Jet Stream, the most expensive item ever sold at $4.9 million, a decommissioned nuclear bunker (£14,000) and the football used by David Beckham when he missed the penalty during Euro 2004 (£18,700).
Mark Pragnell, managing director of CEBR said that auction sites were helping to increase competition and consumer choices, as well as keeping down inflation.
Commenting on the findings of the report, Laura Phaff, a CEBR economist and one of the report’s authors, said: “If people realise that they have sellable goods sitting in their cupboards, it ought to increase consumers’ confidence just like any other unexpected boost to wealth.”
(KMcA/SP)
Research conducted by the Centre for Economic and Business Research (CEBR), found that selling goods via internet auction sites, has increased the average UK household’s wealth by around £3,000.
According to the CEBR, over £4 billion of trading is likely to be conducted on eBay alone this year, amounting to the equivalent of 1.3% of total UK retail sales.
The research also found that over 50,000 Britons are participating in online trading.
eBay has become renowned for selling unusual and bizarre items. Some of these include a Gulf Jet Stream, the most expensive item ever sold at $4.9 million, a decommissioned nuclear bunker (£14,000) and the football used by David Beckham when he missed the penalty during Euro 2004 (£18,700).
Mark Pragnell, managing director of CEBR said that auction sites were helping to increase competition and consumer choices, as well as keeping down inflation.
Commenting on the findings of the report, Laura Phaff, a CEBR economist and one of the report’s authors, said: “If people realise that they have sellable goods sitting in their cupboards, it ought to increase consumers’ confidence just like any other unexpected boost to wealth.”
(KMcA/SP)
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