The analysis compares trends under lockdown against the same time in 2019
People in the UK shop within 1.6 km of the home while on lockdown. Source: shutterstock.com
Lloyds Bank conducted research revealing that the spending profile of people across the UK has changed since society adapts to social distancing guidelines.
This way, in March 2020, spend on commuting costs was 1% higher compared to the same time in 2019. However, by April 1, people were spending 89% less.
Besides, since car usage allowed for only essential purposes, spending on fuel has dropped 55%. According to the data, the average distance that people traveling from home to use a debit card fell 57% from 3.7km last year to 1.6km.
The data highlighted that by the end of March, grocery spend faced a significant drop, down 14% compared to 2019. Also, since supply chains keep on recovering and people adjusting further to life under lockdown, growth has risen to 22%.
SEE ALSO:
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
