Internet retailing is growing at the fastest rate since the dotcom bubble of the early 2000s, a new survey by Verdict Research suggests.

The poll claims the amount of money spent online in the UK grew by 33.4% to £10.9bn and claims this figure will almost triple over the next five years.

It cites quicker and cheaper internet connections as the main reason, claiming two-thirds of internet shoppers now have broadband connections and spend more money online as a result.

Verdict claims online retailing will account for 8.9% of total UK retail sales by 2011, resulting in a total annual spend of £28.1bn, with most of this figure coming from an increase in spend by existing internet shoppers rather than those who have so far resisted the internet going online.

But it also suggested there are three retail sectors that are resisting the temptation to go online due to the costs involved in setting up and maintaining such operations. These are food retailers that not yet online, value outlets such as Primark or Matalan and smaller, specialist stores.

“Even with some retailers staying out of the market, online sales in the UK are set to triple in value,” the research company said.

“By 2011, the typical spend of an online shopper will grow to £1,056 per year with the clothing and footwear, DIY and gardening, and food and grocery sectors achieving the fastest growth.”

Verdict‘s figures included online sales of goods but did not feature other products such as air flights, insurance or ticket sales.

The total amount spent online has grown every year since the birth of internet retailing in 1997.