Adults in lockdown Britain are spending almost £250 million a week extra on food, alcohol, entertainment and indoor hobbies, research has found.
Consumers are spending an average of £104 per week on food and isolation pursuits, a 5 per cent increase compared with before the lockdown came into force, according to the study by Legal & General.
The spending increase equates to £247 million every week, or £12.9 billion over the course of a year. Spending on groceries, alcohol, music and TV and crafts increased the most, accounting for £170 million of the extra outlay.
Although spending on “at home” categories has increased, it will not offset the impact of isolation on overall economic output. Consumers are spending an average of £17.9 billion less per month in the wider economy due to coronavirus, according to the research.
The study of more than 2,000 adults aged between 35 and 54 by Legal & General, the financial services giant, and CEBR, an economics consultancy, found that the Covid-19 pandemic had driven a profound shift in consumption patterns.