Three months into lockdown, consumer spending patterns are looking different. We examine how
The closure of non-essential shops, restaurants, pubs and other brick-and-mortar businesses due to Coronavirus forced an unnatural change on consumer spending habits. But what’s changed three months on?
Look good, feel good – People can still get all dressed up even though they’ve nowhere to go. Online fashion purchases have increased 15% over the last five weeks, according to lead generation software provider Leadgence. Staying physical and mentally active is still important, yet consumers likely have all the stuff they need. Sales of fitness equipment, apps and online games have all seen slight declines.
Making the most of home – Stuck at home, people are getting on with all the DIY they’ve been putting off. Online purchases in the home improvement sector are up 22%. Customers have also been making the most of their gardens and outdoor space. Sales of garden supplies are up 31% and outdoor equipment up 30%.
Learn something new – With time on their hands and children to home-school, self-isolators are turning to hobbies and pastimes to escape the desperate houselife. Sales in the e-learning sector are up 52%. Lockdown has also brought neighbours closer together. Whether this will continue given that online sales of musical instruments have increased 33%, only time will tell.
Health and hygiene – Unsurprisingly at the start of lockdown, health and hygiene were top of mind. Medical and cleaning supplies bought online at the beginning of April were up nearly 60% and 35% on the previous five weeks. Fast-forward to the beginning of June and sales are down nearly 30% and 120% respectively.
Life after lockdown – It’s not news that the travel and hospitality industries have been hard hit by Coronavirus. But there are green shoots of recovery. Year-on-year sales in both sectors are still down. Yet spending has rallied slightly over the last five weeks as customers plan life after lockdown.
How Cashflows can help
Cashflows helps UK and international businesses get paid online, grow their businesses and control their cash flow. This is important now more than ever. If you’re looking to sell online or in-store, here’s what makes Cashflows your perfect payment provider:
- Speedy set-up – our expert underwriters and automated systems will have you set up in no time.
- Same-day settlement – no need to wait for your cash with faster settlement to boost cash flow and working capital efficiencies.
- Low fees – competitively priced payment processing for all major card schemes, direct debit and more.
- Complete commerce – quick and easy integration to a single platform, however you trade now or in the future.
For more information
To find out more about taking payments with Cashflows, contact us today.