Money-conscious Brits now buying big at the end of each month, Openpay reveals

Wednesday 21 October 2020 15:41 CET | News

Openpay has found that due to the pandemic, UK-based consumers now shun the payday treat – with 46% waiting until the end of the month to treat themselves after assessing finances.

According to the press release, almost two fifths (38%) said that the pandemic had permanently changed their outlook on spending. The new ‘paydelay’ treat has seen shoppers spend significantly less than they would have on payday, with the average monthly spend declining by 37%. Dropping from GBP 134.40 to GBP 84.70, consumers will now spend GBP 596.40 less per year on goods. It also appears that retailers will have to revise elements of marketing strategies to accommodate the change in behaviour. 

Moreover, half of respondents (50%) said that they found payday marketing intrusive, as concerns around privacy and search history continue to grow. Prior to the pandemic, fashion was by far the biggest payday treat, with over a third (36%) of respondents spending on their wardrobe. However, government restrictions around the size of social groups and shortened establishment opening hours have caused a change in priorities, with now only 15% saying fashion is their go-to purchase. 

Overall, with people likely to be spending more time at home than ever over the next six months, Openpay’s research revealed the dawn of the smart home is on the horizon. The biggest purchase for UK-base consumers is consumer tech, with over a quarter (27%) naming it as the top treat.

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Keywords: OpenPay, research, UK, payday, pandemic, COVID-19, shopping behaviour, retailers, smart home, online shopping
Categories: Payments & Commerce
Countries: United Kingdom
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Payments & Commerce

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