Planning to shop more thoughtfully in the future?
Nearly three-quarters (71%) of shoppers now think more carefully about how they spend their money, according to new findings from Barclaycard Payments. And many people will continue to be more mindful about their spending in the future, the research found.
In fact, nine in 10 (92%) mindful spenders plan to stick with their more thoughtful shopping habits in the longer term.
While tighter budgets have no doubt led to more careful spending over the past year, there are other motivations too.
Half (50%) say they’ve also put more thought into buying gifts for others. Additional time spent at home has also meant 46% of people are doing more research before buying, to ensure products they choose are made ethically.
For retailers, this could bring new opportunities to show shoppers their ‘mindful’ credentials, which could in turn encourage them to make a purchase.
And despite hits to incomes, 42% of people say they’ve managed to save more since the first lockdowns started in early 2020.
For those who have saved more, the average saving they have made on their usual outgoings is £2,165. Much of the savings has happened through not spending, or spending less, on holidays, day trips and transport costs.
Then there’s the spending that people would normally have made when out and about without really thinking about it – with nearly £100 saved typically on impulse purchases, such as beauty products or snacks.
Kirsty Morris, managing director at Barclaycard Payments, says: “Our lockdown legacies research reveals that nearly three-quarters of people now think more carefully about how they spend their money, and nine in 10 of those plan to continue being more mindful of their spending habits even after lockdown lifts.
“Mindfulness can mean different things to different people – whether it’s spending more time considering if you really need a product, instead of shopping on impulse, or making a conscious effort to shop more ethically – lockdown has undoubtedly given people the space and time to review their finances and outgoings.
“As lockdown restrictions begin to ease and it’s safe for people to start seeing families and friends again, people will of course begin spending money on things like holidays, meals out and travel again. However, our research has uncovered that in its wake, lockdown is likely to leave a legacy of more thoughtful shoppers.”
These are the average amounts people estimate they’ve saved by not spending on certain outgoings over the past year, according to Barclaycard Payments:
Day trips/weekends away: £329
Transport costs (including public transport fares as well as petrol/diesel): £229.10
Meals and drinks out with friends and loved ones: £224.50
Clothes and beauty products: £114.80
Trips to the hairdressers/barbers/spa: £113.40
Takeaway breakfast/lunch (from places such as sandwich shops): £96.50
Gym/exercise class membership: £94.70
Impulse buys on the high street or when commuting, such as beauty products and snacks: £93.70
Coffee/tea while out and about: £66