'Loadsamoney' Brits plan to spend, spend, spend savings

Retailers are being urged to get in shape for consumers to splash the cash, with new figures claiming that Brits have squirrelled away an impressive £245bn during the Covid-19 pandemic and are gearing up to splurge up to £60bn of it when lockdown ends.

According to a study carried out for publishing company Future, a quarter of shoppers’ lockdown savings will be blown immediately or soon after the current restrictions are lifted and non-essential shops are allowed to reopen on April 12.

While many people’s finances have been rocked by the outbreak – 693,000 payroll jobs have disappeared since last year and 1.7 million people are now unemployed – three quarters of UK households have “loadsamoney” and have managed to accrue savings, setting aside an average of £4,808.

Nearly half (45%) of those have already started to research their planned purchases, with 57% of all spending expected to occur between April and June.

Of these post-lockdown purchases, three-quarters (76%) will be in some way connected to passions or hobbies, while areas which experienced a boom during lockdown like home decoration, garden products and technology will also witness a fresh surge.

A quarter of shoppers said they wanted to splash out to give themselves a treat after lockdown, while 29% said they wanted to celebrate being back to normal.

However, a further 58% said they would now be more financially aware with their purchases, with 43% stating they will consult trusted online websites before they splash the cash.

The Future study appears to support a report by eBay Ads UK, which last month revealed that the lifting of restrictions would trigger a shopping scramble among the old and young alike, with sales of clothing and holiday accessories set to soar.

eBay Ads reckoned that 20% of consumers have more disposable income compared to pre-pandemic levels and 69% already have a priority purchase in mind for when lockdown lifts.