RESEARCH
2020 KEY TRENDS BARCLAYCARD
THE FIVE TRENDS THAT DEFINED 2020 BARCLAYCARD HIGHLIGHTS THE FIVE KEY TRENDS THAT DEFINED 2020, A YEAR LIKE NO OTHER, AND DISCUSSES THE POTENTIAL IMPACTS OF THE GROWTH OF THE ‘INSPERIENCE ECONOMY’.
“Spending on ordering takeaways online surged 49.1% and those offering services such as meal subscriptions grew by 62.4%.”
I
t will come as little surprise to learn that consumer spending declined in 2020, a year that will live long in the memory for all the wrong reasons thanks to coronavirus. Yet this statistic only tells a very small part of the tale as lifestyle changes and rapidly shifting consumer habits led to a reshaped retail sector with growth in many areas, not least in independent retailing. Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items rose by 4.1% YOY in 2020, largely driven by supermarket shopping, which saw an
overall growth of 15.7%, with online grocery shopping surging 70.3% as the demand for delivery services increased. These trends, along with lower prices at the petrol pump, also contributed to a decline in spend on fuel, which dropped by 20.3%. This growth of what Barclaycard refers to as the ‘insperience economy’ saw digital services, subscriptions and home delivery boom as Brits spent more time at home under Covid-19 restrictions. To help retailers learn from 2020 and tap into the key shifts, Barclaycard has identified five key trends.
WEDNESDAY 6TH JANUARY 2021 / ISSUE 37 / SLRMAG.CO.UK / 15
