Empty shelves in UK supermarkets have become a common sight over the past couple of weeks. The government has now warned shoppers to only buy what they need, following shortages caused by panic buying. But how much extra have UK households spent? A new study by Blacktower Financial Management Group reveals that UK households are frantically spending an extra £361 million a week in supermarkets during COVID 19.
The study by Blacktower reveals that so far during the pandemic UK households are spending an extra £13 a week. This figure is based on the average weekly food bill of £60.60 (average 2.4 people per household)3. This figure seems relatively small until one considers that there are 27.8 million households in the UK1, resulting in £361.4 million spent.
As new government rules have been implemented in the UK over the past few days, consumers are being strongly advised to stay at home and only leave for essential purposes, resulting in a shift in consumer behaviour to online shopping2. The study reveals that so far Brits have increased online spending by 25.5 per cent during the coronavirus outbreak.
John Westwood, Founder and group managing director at Blacktower explains that “Supermarkets and a range of eCommerce retailers have been overwhelmed by increased purchasing because of panic buying amid the coronavirus outbreak. During this unsettling time retailers need to ensure food and supplies are well stocked in order to meet with consumer demand.”
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