On Monday of this week (03/23/2020) Boris Johnson announced that the British public must stay at home for the next three weeks to reduce the spread of the coronavirus. You can leave your home if:
- You must travel to and from work (only if absolutely necessary)
- You have to go shopping for important items
- You need medical care and / or care
In addition to the many pubs, clubs, and restaurants that have had to close, most stores across the UK have been asked to close, especially if they don’t sell essential goods like groceries, medicines, etc.
A survey conducted by Retail Economics found that almost half (49%) of the 2,000 consumers surveyed said they bought more items online to avoid going out when the virus got worse.
Now that everyone has to spend most of their time at home, do people still spend their money despite a loss of income? And what exactly do people spend their money on during the COVID 19 pandemic?
Here’s a look at Britain’s current spending habits, how it has changed, and what people do indoors with their money – if at all!
Tip: Do not touch cash
Recently, more and more businesses and businesses have only made cashless transactions to customers who make purchases, as this will help reduce the spread of corona viruses.
While cash spending has been put on hold due to the closure of many UK stores, those who plan to search for important items in their local supermarket should think carefully before buying. Avoid taking out cash for in-store use, and just use contactless payment to pay for your needs whenever possible.
It is also a good idea to clean any bank cards you use, including your wallet and cell phone, when you return from an important business.
Panic buying – what are people buying now?
American consumer psychologist Kit Yarrow explains that people are now buying products based on three main needs: protection, entertainment, and connection.
We have all seen anger at people who have toilet paper, hand disinfectant gels / sprays, antibacterial wipes, canned goods and pasta in stock. But what do consumers want to get their hands on in these difficult times?
Since Amazon is currently the central point of contact for online shopping in the midst of the pandemic, we looked at it The bestsellers from Amazon (updated hourly) to see which products are trending at the moment, and it seems consumers are now spending money on entertainment and devices to keep them connected (and, of course, sensible):
- Books – David Walliams mucus, Ms. Hinchs Small book of lists and Pencil and paper games are currently some of the bestsellers in books and help keep the nation busy at home.
- DVDs – Frozen 2, Le Mans 66 and Downton Abbey are currently the top 3 bestsellers.
- Toys & Games – Crayons, washable paint, and Dobble card game are currently the top 3 activities that currently entertain both children and adults.
- Fire TV sticks with Alexa and batteries are also common purchases.
- Playstation PSN wallet top-ups, Xbox Live credits and Sony PlayStation controllers are in high demand for PC and video games.
To learn more about what other people are buying, see their bestsellers here.
The above gives us a little glimpse of what people buy online to engage in, entertain and stay connected.
Does Amazon still deliver?
Many people are now using physical trips to the shops on hold Amazon more than ever. Amazon continues to fulfill its customers’ orders, but as expected, delivery times are likely to be longer.
Amazon said, “We have changed our logistics, transportation, supply chain, purchasing, and third-party processes to prioritize stocking and delivery of items that are more important to our customers.” As a result, some of our delivery promises are longer than usual. “
In the United States, CNBC have reported that in addition to the trend products in the middle of the COVID 19 pandemic, the following are now included:
- Walter filters and jugs
- Painter’s tape
- Board game
- Yeast (as more and more people start making their own bread at home)
- Embroidery and knitting sets
- Yoga mats
They state that buying trends have shifted as people have already stocked up on food and medication for protection. Therefore, people have now bought items that contribute to their emotional wellbeing and connection to the outside world.
Online gambling industry
It is clear that the online gambling industry has seen a boom in users since the corona virus crisis, as the gambling provider 888 has indicated that online casino activity has increased since the outbreak, with the interruption of sports betting on canceled games is due and live sporting events.
This is a bit of a concern as gambling at the casino is more risky than winning at other types like sports betting and bingo to win money.
However, 888 said, “With people spending more time at home and possibly having more stress due to economic uncertainty, 888’s vigilance regarding safe gambling and preventing damage related to gambling is more important than ever.”
If you have enough money to participate in online gambling, please do so wisely and be sure to read our latest blog explaining it Changes to the 2020 rule for online gambling.
Now is the time to spend?
Robert Chote, head of the Department of Household Responsibility (OBR), urges the UK publication to increase spending to further support UK households and businesses during the crisis – even as public borrowing increases.
He also said, “This is not a time to be squeamish about one-off increases in government debt. It is more of a war situation that this is well-spent money.”
And although this may be true, we strongly advise that people be careful when spending their money in these uncertain and difficult financial times.
If you are currently struggling with money or want to pay off debt, read our dedicated guides below for more information and help, or visit Citizens advice or progress for tailor-made debt-related advice.
What does corona virus mean for credit card debt?
Can I get financial help if I have coronavirus?
Changes to UK online gambling regulations
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