Credit, Collections & Insolvency News
As high street shops, department stores and shopping centres reopen today as the Government eases lockdown measures consumers have had more time than usual to mull over both spending and life decisions.
New research from The Share Centre has found that consumers have spent 22 days deciding what car to buy, 19 days deciding what furniture to buy for their home and just over a week (nine days) deliberating on what household appliances to buy.
With lockdown lasting almost three months, shoppers will have spent longer than usual weighing up purchases, leading to potentially less impulsive spending now that many shops are re-opening.
Young people are much faster decision makers when it comes to buying new products, suggesting they might be quickest off the blocks when it comes to shopping post-lockdown. When purchasing a new car, 18-24 year olds spend less than two weeks on this decision (13 days) compared to the 26 days taken by those aged 55+. For household appliances, 18-24 year olds spend just four days while those aged 55+ spend 11 days.
Professor Adrian Furnham, a behavioural psychologist, said “Some people will be first in the queue when shops re-open, looking to finally enjoy some normality. A number of us will have spent the last few months thinking about how to spruce up our homes and what we want to buy when we get the chance. While the lockdown has been psychologically and socially tough, it may have actually helped us make some fully informed decisions as we’ve been unable to rush into anything.”
Lucinda Gregory, Investment Research & Guidance Manager at The Share Centre said “While some people will have taken a big financial hit over the last few weeks, others may have saved by staying at home, not having to commute or pay for childcare. Among those that have saved, there is likely to be an initial surge in spending as we purchase items we’ve been waiting months to buy, however it’s important to not go overboard.”
“It may be tempting to spend additional savings soon after lockdown lifts, however the pandemic has proven financial challenges can arise quickly and seemingly from nowhere. As lockdown lifts, we should find the balance between prioritising essential purchases while also maintaining some of these savings where possible.”