Lockdown Brits plan to bounce back from a year of Covid hell by reining in their spend on beauty and fashion products to splash the cash on travel, booze and food to live more “in the moment”.
So says the latest Havas Media Consumer State of the Nation report, which also reveals concerns about tight budgets and the need to cut costs, especially among 18- to 34-year-olds, with nearly half (45%) insisting they plan to be more focused on saving money in 2021.
A third (32%) of all UK consumers say they plan to slash spend on fashion and clothing, driven by the older age groups while and a quarter (25%) say they will cut down on beauty products, driven by 18- to 24-year-olds.
One of the key reasons is that over half (54%) of Brits want to achieve “something new” in 2021, with 35% aiming to set more resolutions and goals for 2021 compared to previous years.
People’s main hopes and aspirations for 2021 include spending more time with family (55%), with friends (38%) and “to live more in the moment” (33%).The report claims this points to a future based more on building connections and experiences with those closest to us, rather than on material possessions. The trend for more mindful, meaningful spending will endure.
While there are serious concerns about the future once Covid restrictions are lifted and life can move on, with the majority thinking the impact of the pandemic will last beyond new year, there is a lot of hope around social interaction and connections.
That means shoppers spending more on travel (inevitably), food and drink, and days out. Some 25% plan to spend more on food and drink than pre-Covid, 27% on travel and 28% on days out; providing a welcome boost for many of the companies which have been hit hardest by the pandemic.
Havas UK and Europe group chief strategy officer Mark Sinnock said: “While lockdown has been painful for people and the economy, many consumers have changing perspectives about how they will invest their time and money in the future.
“What we see here is the pandemic accelerating behavioural changes that were already becoming pervasive – with shoppers adopting a more conscious approach to their spending and product choices.”
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