Every year, market analysts look carefully over our spending patterns to see what we’re up to with our money. While each year has certain trends and habits to pick out, summer 2021 is set to throw up some extremely interesting and unusual statistics for those crunching the numbers.
That’s because summer 2021 should (hopefully) mean the end of lockdown in the UK. With that universal lifting of restrictions should come a wave of spending from Brits desperate to enjoy themselves again. There could also be a good number of people looking to make bigger, more serious purchases with the money they’ve managed to save over the past 12 months.
Reading this now you might well already have an idea of where your money will be going once lockdown is over, but what can we expect to see from the rest of the UK?
The normal stuff – en masse
If there are two things the average Brit has been talking about enjoying once more since the beginning of 2021, it’s unquestionably a pint and a haircut. Two very normal, run-of-the-mill things that we have been locked away from for months now, along with other once everyday pleasures, like a meal in a restaurant or a day out with the family.
Of course, a desire to spend summer in the local beer gardens is by no means out of the ordinary, but this year – whenever we’re allowed to – expect to see every pub, bar, restaurant and club in the country packed beyond capacity from open until close. Indeed, anything unspectacular that we once enjoyed, like going to the cinema or attending a sporting event, will likely be in overwhelming demand, as we all eagerly look to enjoy some of the more “simple things” in life again.
At the other end of the spending scale from a pint and a pack of bacon fries, we’re also likely to see a rise in big-ticket purchases coming out of lockdown – the big-name items like cars and houses, for example.
There are a few reasons why this is likely to happen. First, many Brits have either inadvertently or intentionally managed to save a considerable amount of money through the past 12 months thanks to a lack of spending activity, allowing them to accumulate a decent spending pot. Second, accessible initiatives like 5% mortgages and extended stamp duty holidays have made a house purchase more feasible for first-time buyers. Third, the cessation of lockdown and return to normality should bring about considerable lifestyle changes for many of us, with the return to the office potentially requiring us to get back on the roads – which could mean some of us to buy new cars.
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Our investments now all the rage?
If you’ve paid any attention to the ongoing GameStop short selling investment saga, you’ll know that the popularity of investments for the average Joe has skyrocketed in the past year. Away from speculative, high-risk investments like GameStop, those who have had a chance to save money during lockdown have seen the benefit of steadily accumulating wealth. This has led to many seeking ways to further enhance their funds through investment.
Of course, even the safest of investment opportunities isn’t a sure thing. Investing should only be taken on by those who know what they’re doing and know how to sensibly look after their finances. However, with the rise in popularity of markets like crypto and forex, it appears a lot of people are feeling confident in what they’re doing and will continue to invest as we come out of lockdown.
It’s set to be a summer like no other in 2021, with all of us hopefully allowed to enjoy the finer things in life again. Where exactly our money will go is yet to be seen, but what we do know is that plenty of Brits will be in a hurry to spend it.