Shopper spending throughout the UK took a pointy hit through the month of February on account of the lockdowns and restrictions owing to the recent
Shopper spending throughout the UK took a pointy hit through the month of February on account of the lockdowns and restrictions owing to the recent wave of the coronavirus pandemic, however client confidence within the economic system soared to a one-year excessive. In keeping with Barclaycard, client spending declined by 13.8% YoY in February after declining by 16.3% through the earlier month.
Through the lockdown interval, shoppers spent extra on the acquisition of important gadgets, which elevated by 5.3% final month, at the same time as purchasing for non-essential gadgets declined by 22.1%. With most companies nonetheless shut owing to the lockdown measures in place, shoppers more and more turned on-line for his or her grocery procuring wants.
Regardless of the decline in client spending, consumers throughout the UK have expressed the next degree of confidence within the general economic system. Shopper confidence improved from 24% in January to 28% in February – the best studying seen because the coronavirus pandemic struck final 12 months.
On a extra promising observe that signifies a common enchancment in outlook within the close to future, shoppers have began planning for spending the extra financial savings generated by staying at residence. Round 20% of the shoppers who had elevated their financial savings over the previous a number of months are wanting ahead to spending on holidays and treats within the coming months after the pandemic is contained.