Yolt insights: Here's how spending is changing since lockdown
We’re taking a look at how Yolt users’ spending habits are changing during lockdown. This week, we’re hitting the shops.
Our changing shopping habits
As everyone continues to work, exercise and pub quiz from home, it only makes sense that most shopping will happen from the living room, too. With routines on hold, it should be easier than ever to spend less and save more, right? Maybe not.
According to spending trends in Yolt* there have been some noticeable changes in the way people are shopping since the lockdown came into effect.
eCommerce is exCeptional
Most “brick and mortar” stores have closed but that hasn’t stopped people shopping. With everything you could ever imagine only a click away, online shopping makes it easy to splurge. When you’re at home all day with your credit card details saved to your favourite websites, it can be tempting to succumb to boredom and spend the night spending. After all, research shows a dose of retail therapy can lead to an injection of serotonin, the happiness drug – which you might be lacking at the moment.
So,that could explain why even though we've seen an overall drop in spending during lockdown, we also saw a boost in Yolt’s “Shopping” category in the latter half of March. Led by internet heavyweights like Amazon - 20% of users did more shopping in the first two weeks of lockdown when compared to their weekly average (based on the previous ten weeks).
Argos and PayPal have both seen significant increases in Yolt user-spending, too!
Despite this rise in online shopping, credit card use is on the decline. According to our insights, we've seen a 38% drop in spending on credit cards.
Gaming the system
Pandemics are a video game staple, and video games are fast becoming staples of this lockdown. In the last two weeks of March, 12% of users increased their spending on games, consoles and accessories —closely mirroring Christmas’s gaming-related spending. While we may not be able to go outside in real life, there’s no stopping us escaping to adventure in digital worlds.
Beauty's looking ugly and PJs are in
Online shopping may be on the up, but spending on fashion and beauty has taken a hit, even where retailers offer online shopping and delivery - dropping considerably in the latter half of March when compared to January and February. People are buying less make-up, beauty products and clothes. Which makes sense when most of us are staying safe inside.
Top tips to lockdown your shopping spending
Looking for ways to keep your lockdown shopping spending low? Why not give one of our top tips and ideas a go?
Our Pledge to Money Mindfulness
Mental health initiatives are more important than ever right now, that’s why we’re making a Pledge to Money Mindfulness. Over the coming weeks, not only will we be bringing you articles insights into your changing spending habits, from 8 April to 5 May 2020, we’ll donate 100% of our partnerships revenue to mental health charity, Mind (registered charity number 219830). So, whenever you use Yolt to switch, save, earn or sign up with any of our selected partners or retailers, you’ll not only find a deal, but support those most in need.
Stay tuned for more insights into changing spending habits, but most importantly, stay safe!
*Anonymous in-app data from 90,000 Yolt users, selected randomly, sourced and aggregated weekly beginning 6 January 2020