Spendings amid COVID-19 How are Britons impacted?
of Britons have cut down on their spendings amid financial uncertainties
of Britons anticipate their holiday shopping to get affected due to the pandemic
of Britons plan to cut down on travel this year to curtail excess expenditure
Six months into the pandemic, the virus continues to wreak havoc across the UK, disrupting lives, creating joblessness, and shutting down businesses. This report delves into the changing attitudes and spending trends as Britons try their best to live through this crisis. Brands and businesses can leverage this data in their decision making.
As the pandemic rages, several retailers, corporates, and sectors like the hospitality industry have continued to announce job cuts and furloughs to keep themselves afloat. With mounting health concerns and financial insecurity impacting everyday lives, how are Britons planning their finances, especially with the holiday season starting soon? Piplsay polled 12,100 people across the country to get these insights. Here’s a summary of what we found:
- 53% of women have cut down on their spendings substantially as compared to 47% of men
- Millennials (32%) plan to cut down on travel the most this year, while Gen Zers (27%) plan to reduce their spending on personal care
- 74% of Millennials and 70% of Gen Xers anticipate their holiday shopping to get affected this year
Survey Methodology: This Piplsay survey (powered by Market Cube) was conducted nationwide in the UK from September 14-15, 2020. We received 12,100 online responses from individuals aged 18 years and older.