Gone in 60 Seconds? More like spent in 60 Seconds!

At 1.09pm on Tuesday 11th December, a new record was set.

But we're not quite sure whether it is something to be excited about or something to worry over; we'll let you be the judge!

The record was set as shoppers spent £767,500 over the internet in a single minute.

(That's probably as much as Beckham earns for putting his boots on...)

The astonishing amount is the most money ever spent online by UK shoppers in a single minute and this massive surge was expected to make Tuesday Britain's biggest ever online shopping day.

Frankly. We're surprised the internet didn't break under all the strain.

Retail Decisions, which processes card payments, said that we would spend £370 million online during the day; this is 106% more than the same day last Christmas. Total e-retail sales during the last three months of 2007 are expected to hit £17.6 billion, a figure that is 82% higher than last year.

So much for money worries right?

It certainly does seem that we are not content to cut back this Christmas (although maybe it will once again be in our New Year's Resolutions?) as internet spending in the UK is likely to hit £40 billion this year, and is predicted to reach £162billion by 2020, when it will make up 40% of retail spending.

It also helps that internet prices are on average 13% cheaper than in shops.

Carl Clump, of Retail Decisions, said:

"Christmas internet shopping peaks on Mondays as people buy online during their lunchbreak to save on more trips to the high street. Our data supports the ongoing trend that internet retailers are enjoying another bumper Christmas."

James Roper, chief executive of the Interactive Media in Retail Group, which represents UK internet retailers, said:

"The message to consumers is: with demand so high, shop early. The message to retailers is: don't get caught out by this huge consumer appetite for online shopping."

It appears that the internet is clearly going to help many of you a) avoid the endless queues and packed shops b) stay dry and c) spend truckloads of cash.

So, is online shopping as good as everyone says and if so, how much are you going to spend?

Why not let us know in the comments?

Santa's new helper: the internet