Whitespace is a primary constituent of design. It will increase the legibility. It helps to the users to read the information properly from the web page. They can compare the title and the text regarding to the title. Whitespace can also be a influential way of drawing attention of the users on the particular screen element. It is the authoritative technique to communicate stylishness, honesty and sparkle.

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In page layout, illustration and sculpture, white space is often referred to as negative space. It is that portion of a page left unmarked: the space between graphics, margins, gutters, space between columns, space between lines of type or figures and objects drawn or depicted. The term arises from graphic design practice, where printing processes generally use white paper.
White space in a design is the spaces around elements in the design to help them stand out or separate from the other elements. This includes the space on the edges of a fixed width layout and the space in the margins and padding around pictures and blocks of text (margins and padding). White space also includes the space between lines of text (leading) and letters in words (tracking and sometimes kerning).
Tone
White space at the macro level (spacing around the biggest objects on the page) can convey a sense of elegance or down-market quality to a design. The more white space there is the more expensive and high-quality a design may seem. If you look at the advertisements in an expensive women's magazine, you will notice that most ads have very little non-negative space.
White space makes the content more legible/easier to read.
White space used in adverts and website design gives off the feeling of sophistication, elegance, high quality and expensive.
White space also makes text and a website more visually comfortable and pleasing to the eye.
Helps draw the reader's attention to what is important. If you want to draw attention to your company's logo and the web page is too busy, the logo will be missed due to it competing with other elements. 
Provides a frame for photography, images and text.

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Hello...
Whitespace is simply the empty space between and around the elements of a design or page layout. This can include: space around graphics and images, margins and gutters, space between columns, and even the space between lines of type. Whitespace is also referred to as "negative space".
Its importance is that Simply by increasing the space between elements in a layout, a design can take on a more elegant appearance, and by injecting more whitespace into a web design's, content becomes more legible.