Spending Habits in the UK: How Times Have Changed

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Spending Habits in the UK: How Times Have Changed

With technology changing at such a rapid pace we take a look at them impact it has had on spending habits in the UK. Some interesting facts from the ONS (Office of National Statistics):

  • More than 8 in 10 adults (41.8 million) in Great Britain in 2016, which was only 78% (39.3 million) in 2015 and 35% (16.2 million) back in 2006 used the internet on a daily basis or nearly every day.
  • In 2016, 7 in 10 adults accessed the internet ‘on the go’ by using a phone which was 66% back in 2015 and nearly double the 2011 estimate of 36%.
  • When it comes to spending behaviour in 2016, 77% of adults bought goods or services online compared to back in 2008 when it was only at 53%.
  • Clothes or sports goods were purchased by 54% of adults, making them the most popular online purchase in 2016.
  • In 2016, 89% of households in Great Britain (23.7 million) had internet access, an increase from 86% in 2015 and 57% in 2006.

When we take a look at the data we have been presented it is clear to see we have more people online and more people spending too. One experience that seems to continue falling out of fashion is the iconic shopping trip. Family trips to the shopping centre are now being replaced by online shopping. For a lot of people their visit to retail parks is simply to pick up their “click and collect” items they’ve ordered online. With this change in the customers shopping behaviour, it has meant that retailers have had to adapt their digital strategy to accommodate this. A few years ago, click and collect didn’t exist! Now in order to create a competitive advantage, we’ve seen retailers add in more services for their customers from same day delivery to 24hr online customer help services.

With the rise of online shopping, it has also led to a great increase in the need for more and better delivery services. It is estimated that the number of vans on Britain’s roads has hit an all-time high of about 40,000 delivery drivers.

online-shopping

Christmas spending habits of recent years

We all know Christmas is a time of the year where people spend more money with year on year spending increasing yearly. Nearly 25% of Britons feel under pressure to spend more than they can afford (Money Advice Trust’s National Debtline). Crazy shopping deals like Black Friday and pleasing their children were the main causes of this. One tip from us: Don’t spend more than you can afford and remember that if you wasn’t planning to buy the item already, you’re not really saving money, you’re spending. If it was in your plans to spend £500 on a TV and it has been reduced to £250 then you’ve saved £250. If you had no plans to buy an iPhone 7 but it’s been reduced from £600 to £500 although it’s £100 off, you’re spending £500 that wasn’t planned for.

Saving money at Christmas

We’ve put together a list of different ways in which you could save money this Christmas which we will be releasing in our next blog post but here are a few:

  • Use a voucher codes website like Quick Voucher Codes – Ok Ok I know you think we are just trying to promote ourselves but truth is, you could save much more money by using our services, we’ll explain why in the next blog post once it’s up.
  • Shop around before making your final purchase

In the meantime, take a look at one of our previous posts on how you could save money and increase your disposable income.

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