Consumers and the Economic Outlook: Inc Impact of COVID-19 - UK - May 2020
“COVID-19 has had a profound impact on British consumers and businesses, shutting down major sections of the economy and having a serious effect on job security. As a result, consumer confidence has taken a dive, while concerns about the impact of Brexit have spiked as people consider the implications of major systemic change on top of the fallout from the coronavirus crisis. However, consumers are keen to spend when they can, with planned financial activity significantly higher than the record-low activity seen in the three months to May. Consumer demand will not return to pre-COVID levels immediately, but millions are ready and waiting to spend.” – Rich Shepherd, Associate Director – Financial Services
“COVID-19 has had a profound impact on British consumers and businesses, shutting down major sections of the economy and having a serious effect on job security. As a result, consumer confidence has taken a dive, while concerns about the impact of Brexit have spiked as people consider the implications of major systemic change on top of the fallout from the coronavirus crisis. However, consumers are keen to spend when they ...
This report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel conducts exclusive and original consumer research for reports, bringing up-to-date and unique insight to topical issues. This research examines the impact of social, economic, cultural and psychological influences on consumers.
Impact of COVID-19 on Consumer Finances and Spending
Category Director - B2B, Social and Economic Research
About Rich Shepherd
Rich joined Mintel in 2013, and researches and writes a range of financial services reports. Prior to joining Mintel, Rich gained experience of lending and credit risk while working for HSBC. He has a BA (Hons) in Sociology.
“COVID-19 is resulting in an overall increase in saving activity. Saving priorities are changing, too, with a renewed focus on building a financial cushion to cope with unexpected events but also an increased interest in improving conditions in the home environment. However, consumers are also looking to the future, with ...
