Press release - ILoveCashback

Brits are becoming the money-saving supremos of Europe as GDP slumps during the second quarter.

Today's announcement that UK GDP fell by 0.3% in the second quarter throws into stark relief the huge boom in growth for British e-commerce and online retailing.

Money-saving supersite ILoveCashback.com is the first-ever site to combine the three big online price saving options of price comparison, voucher codes and cashback, combined and has now refined its search tools to keep pace with consumers money-saving obsession.

Online shopping has once again boomed with bargain hunters spending a huge £31.5bn during the first half of 2011 - up 19% on this time last year - meaning Brits are becoming the money-saving gurus of Europe.

“The UK is having a tough time as illustrated by the latest GDP figures,” said ILoveCashback managing director, Brad Blake. “Money saving is becoming a national obsession – and Brits are leading the way on how to save money in these tough economic times.

“Our new search tools enable users to find products by brand, price range, category, and even shop, meaning users for instance can shop the whole of Regents Street within 3 minutes and pick up products cheaper than they could after fighting their way down a high-street.

“Because of the way our technology works, we can now also add brands to our database the moment they become available and we did this recently with Gap, O2 Insurance, Ebuyer and the Bath Store.”

ILoveCashback.com recently rocked the £50bn-a-year online shopping market after giving away a cool £10,000 in cashback every day for an entire week.

Now the UK’s most advanced money-saving site, it features more than 8 million products and 10,000 voucher codes from over 1,000 trusted UK retailers including Debenhams, Sainsbury’s, Laura Ashley and House of Fraser.

Registration is free which means bargain hunters can easily view deals on everything from holidays and travel accessories to electronic products such as iPods and games consoles, fragrances, clothes and washing machines.

Shoppers can withdraw cash rewards to their bank account, save them on site or donate them to charities including World Wildlife Fund, Oxfam, Barnardos Cancer Research UK and the RSPCA.

Online Shopping Facts:
*The latest IMRG Capgemini e-Retail Sales Index says British shoppers spent 19% more over the internet in the first half of 2011 than the same time last year, taking the total spent online in the first half to £31.5bn.
*In June alone, sales rose by 21% on last year to hit £5.3bn, equivalent to £86 per shopper. In the same month, according to British Retail Consortium figures high street spending fell, pushing like-for-like UK retail sales down by 0.6% compared to the same time last year.
*Chris Webster, head of retail consulting and technology at Capgemini, said the June growth in online sales, as reported by IMRG, was consistent with a strong year to date. “Bank holidays, soggy weekends and major sporting events encourage us to go online for our shopping – it’s quick, convenient and we can do it 365 days a year.”
*Some 32% of consumers said they would shop online where they could. People in their 20s were most likely to want to shop online (45%), while even among 70-year-olds,  20% would rather shop through their computer than on the high street.
*UK retail chains have been closing stores this year at a rate of about 20 a day.
* 93% of consumers will buy a gift online this Xmas.

-ENDS-