Stay-at-home order sees increase in spending on groceries, alcohol and crafts
It is thought that the isolation economy has seen a shift in consumer spending equating to 拢12.9bn annually.
Tuesday 12 May 2020 10:33, UK
Adults in the UK are spending more on groceries, alcohol, entertainment and hobbies and crafts during the lockdown, according to new research.
Households have been spending less money overall, however, equating to a fall in expenditure of £215bn per year, according to the research by Legal & General and economics consultancy Cebr (Centre for Economics and Business Research).
Those still employed are spending an average of £107 a week on groceries, alcohol, entertainments and hobbies, an increase of 10% since lockdown began in March.
The increase in spending is largely driven by those aged between 35 and 54, who are spending £89.94 per week on groceries. Under-35s spend £56.90 on average while over-55s spend £70.94 per week, the research found.
The average is £73.69 per week.
It is thought that the isolation economy has seen a shift in consumer spending equating to £12.9bn annually, according to new analysis.
Nigel Wilson, chief executive at Legal & General, said: "The isolation economy is a new feature of our daily lives and now encompasses some £13bn a year of the consumer economy.
"As the hub of the isolation economy, the home is becoming a more flexible space, doubling up as a place for schooling, work, fitness and entertaining - and we can expect changes to the way we think about and design homes for future home owners."
The research also found:
- Adults are dedicating 20 minutes more each week to fitness compared to pre-lockdown and two hours 22 minutes more each week watching TV, streaming programmes and gaming
- More than two-thirds (69%) of people plan to continue cooking more meals at home after lockdown
- Nearly a fifth (19%) of those who have used their time in lockdown to learn a language or skill intend to keep this up
- 60% of people planning to buy more products in local stores to help the local economy after lockdown
- More than half (58%) of people said they would be willing to pay more for products that have been made in Britain