Hospitality and leisure showed signs of recovery
According to a report by Barclaycard, consumer spending fell 7.2% in March compared to the same period in 2019 as lockdown continued.
However, spending on hotels, resorts, accommodation and entertainment showed early signs of improvement as Brits began planning when restrictions were lifted.
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Expenses on essential items increased by 7.7% compared to 2019, with the highest growth area down by 14.5%. This represents a slight improvement compared to lockdowns over the past two months.
Barclaycard’s report suggests that spending at restaurants should improve following relaxation of restrictions. This is 26% of Britons already painted pencils in post-lockdown activities, with 41% of customers booking to eat outdoors at restaurants.
There is faint hope for the travel industry as a 54.3% decline in accommodation spending showed an improvement in 75.4% and 70.3% declines in January and February, respectively. This suggests that holiday people have begun booking trips for the rest of the year.
“We are pleased to announce that we are committed to providing a range of services to our customers,” said Raheel Ahmed, Barclays’ director of consumer products. There are also indications that some of the sectors that are most affected by the pandemic, such as hotels, resorts, accommodation and entertainment, are beginning to turn the corner. . ”
“The DIY stores have also grown significantly as Britons spent March growing their homes and gardens in preparation for warm weather. Though it remains a very challenging environment for high streets and hospitality outlets. The fact that many consumers are planning for the future is a positive sign, and this pent-up demand hopes will lead to more categories of growth as a later life Lockdown reopens I’m starting to do it,” Ahmed added.
