By John Smith • 20 November 2020 • 14:00
TOTAL UK consumer spending in 2020 is expected to fall by a staggering £183.6 billion (€202 billion), a 14.9 per cent drop over 2019, due to the Covid-19 induced lock downs, according to new research from Mintel’s flagship British Lifestyles report.
This equates to a drop in spending of around £6,600 (€7,250) per household – with the biggest decreases occurring in the transport, foodservice, and holiday industries.
Consumer spending in these three categories will fall by £140 billion (€154 billion) in total, or just over £5,000 (€5,500) per household – representing around 77 per cent of the overall decline in consumer spending this year.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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