eBay benefits Brits
15 August 2005
Online auction house eBay could boost the average British households wealth by £3,000, a new report claims.
The Centre for Economic and Business Research (CEBR) claims that eBay is making a significant contribution to the wealth of UK households.
The centre predicts that online auction sites will generate around £4 billion worth of trade this year for the 50,000 people in the UK who buy and sell on the web, the equivalent of 1.3 per cent of total UK retail sales.
The CEBR reports that there is also a spin-off for the economy as a whole from the online auction boom, as by boosting retail sales and consumer confidence holds down inflation and increases competition.
The study found that, by providing advertising for second-hand goods, the internet has maximised the sale price and value of goods in peoples’ homes. Small niche traders are also finding that they are better able to reach their target audience.
"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," said Laura Phaff, one of the authors of the report.
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