Are you a Lockdown Saver or Splurger?

Hands up, I have seen the local Hermes, DPD and Yodel drivers more than I care to admit, since working from home in March… but I do also like to squirrel away money, or much to everyone’s dismay, hold on to gift cards for an eternity, when all I really want is a Dyson Hairydryer (but it’s SO expensive for a hairdryer!)!

But at least I’m not alone, there’s a certain comfort in numbers, right?  According to Aviva, 36% of us have become bigger spenders during lockdown, while the majority, 64%, of Brits have taken to saving… and plan to stick at it once the restrictions lift.

Perhaps the changing attitudes have been somewhat forced upon us with the temporary closure of the leisure, hospitality and retail sectors limiting recreational spending opportunities, which has meant many households have a certain level of disposable income to save.  Many indicate that they plan to keep up this new savings trend by making ‘permanent or long-term spending reductions to save more in future’ looking to cut their spend in areas including eating out (32%), entertainment, recreation or holidays (25%) and personal goods (22%).  With job uncertainty, and extended periods of furlough, the nation’s propensity to save to prepare for the months ahead might not be so surprising.

That’s not to say we have all become saintly savers, as according to The Guardian, ever since we entered the first phase of lockdown in March, Brits have invested in pandemic puppies, entertainment subscriptions and even goldfish as we seek out pick-me-ups amid the tough times. And we’ve gone on a chocolate binge, spending millions more on our favourite confectionery year on year.

Aviva also reports that a quarter of us have done more online shopping over the past year, and spend an average of 89 extra minutes each week browsing!  And of course, new functions and features on social media, and smart basket nudges are all helping to make spending that little bit easier, and pushing us over the purchase line.

With consumers being encouraged to shop local and support the independent stores who have less financial backing, and haven’t been able to open for the best part of a year, it’s something we’ve really got behind.  Whether it’s brownies by post, cards and gifts for loved ones, or homely treats to show off our homes on video calls.

But it’s not just our homes… according to SmileDirectClub, 40% of us think that lockdown is the ideal time make a change to on our personal appearance.  Brits are reportedly planning to spend a massive £31 billion this year on beauty tweakments and cosmetic surgery, with 1 in 5 (21%) hoping it will help improve their appearance on screen.

The modification wishlist includes keeping fit (47%), teeth whitening (47%), teeth aligner therapy (26%), anti-aging treatments (22%), breast enlargement (11%), hair transplant (11%), liposuction (10%), nose job / reshaping (8%) and lip fillers (8%).

Perhaps a more impulsive purchase of the Dyson Hairdryer doesn’t seem quite so extreme now…

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