'Mega Monday' to see internet spending spike

Despite gloomy headlines for the high street, today is expected to be the year's busiest for internet shopping.

So-called "Mega Monday" is expected to be the busiest ever period for online shopping, with Steve Perry, commercial director of Visa Europe, predicting around 2 million online purchases as consumers rush to place their orders in time for delivery before Christmas.

The first of two spikes in sales was expected between 1 and 2pm, as workers use their computers to surf the internet for bargains during their lunch break, with up to £16,000 being spent each second.

Another was predicted as workers arrive home from 6pm.

And while individual spending in general is expected to take a hit due to the economic crisis, online transactions are expected to reach a new high, with around a 25% increase on the same day in 2007.

Internet trade body IMRG expects retail sales to increase by 15% over last year, with more than £13 billion being spent by consumers in the run up to Christmas.

Chief executive James Roper said: "I think it is going to be really big this year as people are really researching their purchases.

"There is a much higher level of engagement with the high street than before.

"Customers are playing the retail channels off against each other."

IMAGE Mikhail Metzel/AP/PA Photos