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.
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