You are here: Home - Household Bills - News -

£6.6bn wasted on pandemic purchases no longer used

0
Written by: Emma Lunn
08/11/2021
Gaming equipment, tools, clothes, and home gym gear were the most commonly regretted purchases during lockdown.

A study by Aviva titled How We Live found that nine out of 10 (88%) Brits spent money on ‘treat’ purchases during the pandemic at a cost of more than £57.6bn across the nation. This equates to £1,205 per purchaser.

But about £6.6bn worth of goods bought during the pandemic are rarely or never used now that life has returned to normal.

The insurer found that more than half (54%) of the UK population bought clothes and shoes during the pandemic. A third (34%) bought gadgets and electrical goods, while 18% splashed out on gaming equipment, and 24% on kitchen equipment.

Home gym equipment was snapped up by 16% of UK adults, while musical instruments were the order of the day for 8% of the population. One in 20 adults (5%) say they bought a hot tub during the pandemic.

However, millions of UK adults now regret their purchases. Nearly a tenth (9%) of buyers said they no longer use certain pandemic purchases; 11% confessed they used items less than expected, while 8% admitted they didn’t use them at all.

Most people were going to make certain purchases anyway, but others (27%) did so because they were spending more time at home, while 26% shopped to cheer themselves up, and 20% to relieve boredom.

Almost a fifth (17%) of purchasers said they had more disposable income after losing out on holidays and social events, while one in eight (13%) said they needed equipment for a new hobby.

Amongst those who say they regretted items bought during the pandemic, gaming equipment was the most common culprit for buyer’s remorse, with almost half (45%) of purchasers regretting games and consoles.

More than four in 10 (43%) regretted buying clothes or tools, while a similar number (39%) regretted buying home gym equipment. Gym equipment turned out to be the item most likely to no longer be used, with 49% of pandemic purchases now gathering dust.

Nicki Charles, customer and marketing director at Aviva said: “So much has changed since the start of 2020. The way we work, how we interact with others – and it seems the contents of our homes too. Faced with weeks or months at home, many of us made purchases to entertain ourselves – often costing hundreds or even thousands of pounds.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week