Consumers to splash cash on haircuts and holidays – but retailers might have to wait longer for post-lockdown boom
Consumers have big plans to spend when coronavirus restrictions are lifted, although retailers may have to wait until more vaccinations are rolled out before they benefit from a bounce back in trade.
Brits are planning to spend more on holidays, haircuts and days out when the latest lockdown rules are eased, according to the latest research.
However, customers remain wary about visiting non-essential retailers when they reopen from 12 April, and many will wait until more of the population has received a Covid jab before heading back to the high street.
According to research by EY, 43 per cent of UK consumers are planning to spend more on a holiday after lockdown, compared to 31 per cent in October.
The survey of more than 1,000 people found that 37 per cent will increase their spending on out-of-home recreational activities when restrictions allow.
Meanwhile, 29 per cent will spend more on personal care services – such as hairdressers – nearly double the October figure of 17 per cent, as salons and beauticians have been closed since January.
Despite the demand for grooming, breaks and fun activities, the majority of those surveyed – 55 per cent – believe the virus will only stop affecting their daily lives once most of the population is vaccinated.
This suggests that the bounce back for retailers could come later in the summer rather than as soon as non-essential stores reopen on 12 April.
Silvia Rindone, retail partner at EY, said: “Consumers are ready to spend, particularly in areas relating to their social lives as they look to reconnect with loved ones in person. Retailers need to be prepared.
“To ease anxiety around returning to store, retailers will need to focus on providing reassurance to customers and employees alike, making them feel protected and secure by maintaining a heightened focus on hygiene and sanitation.”