tutor2u | Consumers spent less and saved more in 2020

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Consumers spent less and saved more in 2020

Graham Watson

4th January 2021

Barclaycard data on spending habits is always worth a readand this year is no different.

Consumer spending (which accounts for two thirds of aggregate demand) has fallen by over 7%, and our spending patterns have changed with a rise in spending on essentials, a switch to e-commerce and greater support for independents - all of which, anecdotally reflects my experience of this turbulent year.

Last year was the worst in the last 25 years for the UK retail sector, not surprisingly, all things considered. However, job losses of 180,000 aren't good - and it doesn't look like the next few weeks is going to bring nay respite.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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