“The COVID-19 pandemic has been the most significant event in generations, with the initial lockdown and ensuing social distancing measures changing consumer lifestyles in a way that would have previously been considered inconceivable. And yet, consumers have proven to be highly adaptable as they have continuously adjusted to the fast-changing circumstances. But change is far from over; much of the UK returned to lockdown in October and November making an end to social distancing feel like an ever-more distant dream. In line with this, the economy continues to come under pressure, and consumer confidence is likely to slip with spending squeezed as a result. Encouraging results from the Pfizer and BioNTech vaccine trials may boost sentiment, but even if a vaccine programme is rolled out, disruption will continue well into 2021.

To weather this period, businesses will need to think long term, with innovation pipelines and campaigns all centred on addressing the core consumer issues of health and wellbeing, sustainability and social cohesion.”

– Jack Duckett, Associate Director – Consumer Lifestyles Research

This Report looks at the following areas:

Consumer spending plummets in 2020

A long road to recovery

What learnings can be taken from the last recession?