Total UK consumer spending is expected to fall by a staggering £183.6 billion (14.9%) this year due to the COVID-19-induced lock downs, according to new research from Mintel.
This equates to a drop in spending of around £6,600 per household – with the biggest decreases occurring in the transport, foodservice, and holiday industries.
Consumer spending in these three categories will fall by an astonishing £140.1 billion in total, or just over £5,000 per household – representing around 77% of the overall decline in consumer spending this year.
Three categories are expected to bounce back in 2021: spending on transport will increase by £32.3 billion compared to 2020, foodservice will rise by £17.7 billion, and holidays by £19.2 billion.
This represents an increase in spending of just under £2,500 per household; however, this will still only represent a return to pre-pandemic levels.
