UK Consumer Spending to Fall by Nearly 14.9% in 2020
Total UK consumer spending is expected to fall by a staggering £183.6 billion (14.9%) this year due to the COVID-19-induced lockdowns, according to new research from Mintel’s flagship British Lifestyles report. This equates to a drop in spending of around £6,600 per household – with the biggest decreases occurring in the transport, foodservice, and holiday industries. Consumer spending in these three categories will fall by an astonishing £140.1 billion in total, or just over £5,000 per household – representing around 77% of the overall decline in consumer spending this year.
But it seems there is light at the end of the tunnel for these three categories as they are expected to bounce back the strongest in 2021: spending on transport will increase by...
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