The coronavirus pandemic has typically pulled people’s spending around a kilometre closer to their homes, analysis by a bank of its customers’ behaviour has found.
As people have remained closer to home, the average distance travelled to spend has fallen from 3.9 kilometres to 2.7 kilometres, according to Lloyds Bank, which looked at debit card spending data.
The data compared the period from the start of March 2020 to the end of February 2021 with the start of March 2019 to the end of February 2020.
When using their debit card in store, roughly 79% of all transactions were by contactless payment, Lloyds found, up from 68% in the February before the first lockdown.
The bank also found that more than half (55%) of customers’ money was spent online by the end of February 2021, compared to 38% in February 2020.
Terry Clark is the Publisher and Content Director of 365 Retail, with more than a decade of experience covering retail design, technology innovations, store openings and the wider retail industry. He also works closely with leading retailers, suppliers, agencies, events and industry awards across the UK.
