Online shopping is booming in the UK despite the economic slowdown, according to figures from retail analyst Verdict Research.

The group revealed that the amount of money consumers spent on the internet rose by 35% in 2007, to a total of £14.7bn.

The rate of growth was the fastest for six years and stands at 10 times the growth in the retail sector overall.

Verdict predicts internet retail sales will hit £44.9bn by 2012, accounting for 13.8% of the retail market.

"The channel will find itself extremely well placed to capitalise on the falling consumer confidence and lower levels of disposable income currently impacting the retail market," said Malcolm Pinkerton, Verdict's senior retail analyst.