Unsurprisingly 2020 consumer spending in UK drops dramatically

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Empty street in Birmingham

TOTAL UK consumer spending in 2020 is expected to fall by a staggering £183.6 billion (€202 billion), a 14.9 per cent drop over 2019, due to the Covid-19 induced lock downs, according to new research from Mintel’s flagship British Lifestyles report.

This equates to a drop in spending of around £6,600 (€7,250) per household – with the biggest decreases occurring in the transport, foodservice, and holiday industries.

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Consumer spending in these three categories will fall by £140 billion (€154 billion) in total, or just over £5,000 (€5,500) per household – representing around 77 per cent of the overall decline in consumer spending this year.

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