Christmas on Credit
Published: 3rd November 2020
Author: Rumpus PR
The impact of the pandemic on London’s spending habits has been revealed, with nearly a third of consumers admitting they are more likely to be using credit to pay for Christmas this year.
A survey of 2,000 UK adults conducted by competitor price and product monitoring service, Skuuudle, which looked at autumn/winter spending versus 2019, found that out of 258 London-based respondents, 27% would be looking for financial support in the form of credit to fund the festivities.
As England plunges back into lockdown, the research has also revealed more about Londoners’ attitudes towards online spending. A staggering 81% said that price and in particular, price comparison, would be very important this Christmas; almost half (43%) admitted they were comparing prices more often online for a single item before purchasing. Prior to the coronavirus pandemic, half of Londoners (50%) would spend up to 30 minutes comparing costs before buying.
In spite of the ongoing restrictions and reliance on credit, those in the capital still intend to splash out during the festive season, with 42% planning to spend more on food and drink compared with 2019, and 25% saying they would be spending more on clothes and accessories.
Respondents were also quizzed on how they decide which items to buy after conducting price comparisons online, with three-fifths (61%) saying that discounts would be most likely to sway their decision, followed by free delivery (57%) and voucher codes (37%).
“It’s been a tough year, with the pandemic putting added pressure on retailers to deliver on product availability, price, and value for money,” says James Hilton, CEO at Skuuudle.
“The fact that nearly a third of consumers in London are more likely to be funding Christmas on credit this year is extremely telling, and demonstrates the impact that COVID-19 has had on people’s finances.
“Knowing that, it makes sense that they’re also spending more time searching for the best deal before buying online; people are savvier than they have ever been when it comes to finding the best price and with a second lockdown and the closure of non-essential shops, this eagerness to save money without compromising on quality is unlikely to go away any time soon.
“Brands need to tap into this trend and ensure they’re offering the most competitive prices to attract new customers and keep existing ones.”
*Survey of 2,000 UK adults (nationally representative) conducted by One Poll (October 2020) – commissioned by Skuuudle
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3rd November 2020
The impact of the pandemic on London’s spending habits has been revealed, with nearly a third of consumers admitting they are more likely to be using credit to pay for Christmas this year.Read >
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