Brits to splurge over £60 billion in savings after lockdown ends

Brits have saved a whopping £245 billion over lockdown and are preparing to spend up to £60 billion of that when lockdown ends.

According to new data from Future PLC, 25 per cent of UK shoppers’ lockdown savings are set to be splurged immediately or soon after lockdown ends.

Just over three quarters of UK households have reportedly managed to save money during lockdown, setting aside and average of £4808.

Nearly half (45 per cent) of those have already begun researching their planned purchases for when lockdown ends, with 57 per cent of all spending expected to occur between April and June.

Of these post-lockdown purchases 76 per cent will be in some way related to passions or hobbies, while areas which experienced a boom during lockdown like home decoration, garden products and technology will also experience a boon.

READ MORE: Easing of lockdown next week expected to drive surge in retail sales

A quarter of shoppers said they wanted to splurge to give themselves a treat after lockdown, while 29 per cent said they wanted to celebrate being back to normal.

A further 58 per cent said they would now be more financially aware with their purchases, with 43 per cent stating they will consult trusted online websites in future.

“It goes without saying the publishing industry has been heavily affected by the pandemic,” Future chief executive Zillah Byng-Thorne said.

“For Future, our already proven content commerce model and our ability to react quickly to changing consumer demand has seen engagement rise and audiences increase.

“With Future readers accounting for approximately £141 billion of the estimated £245 billion saved by UK consumers during lockdown, we have access to a high-intent audience, representing significant value to advertisers in the next few months.”

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