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'Over 50,000 Britons earning income from online auctions’

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'Over 50,000 Britons are earning money earning income from online auctions' is one of the key findings from an article in the August edition of Monthly Economic Bulletin published this week by Centre for Economics and Business Research.

Auction websites like eBay may be the next big boost to consumers’ wealth, adding in excess of £3,000 to the assets of the average United Kingdom household.

The report’s authors argue that the success of auction websites is having a growing impact on the economy, which government statisticians will find difficult to track. They estimate:

· Over £4 billion of trading likely to be conducted on eBay in the United Kingdom this year, equivalent to 1.3 per cent of total retail sale

· Upwards of 50,000 people are drawing an income from online trading in the United Kingdom

· Retail sales growth this year maybe 0.3 percentage points higher than reported by government statisticians because of difficulties in recording internet trading; this will push up retail growth fr om an expected 2.1 to 2.4 per cent in 2005

· Value of the average household’s assets will be boosted by over £3,000 given the potential to sell unwanted and unused goods through the likes of eBay

You can also read our guide to starting up an eBay business.

Posted August 19, 2005
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