UK homes are host to regretted pandemic purchases worth more than £6 billion, according to a new study from Aviva.
Data taken from How We Live, an Aviva report published today, finds nine out of 10 (88%) of Brits spent money on "treat" purchases during the pandemic at a cost of more than £57.6 billion* across the nation - on average, £1,205 per purchaser.
The most popular purchases were clothes and shoes, a choice for more than half of the UK population at 54%.
Gadgets and electrical goods were must-buys for millions of UK adults during the pandemic, with 34% of people buying smartphones or tablets, 18% splashing out on gaming equipment and 24% choosing kitchen equipment such as air-fryers or bread-makers.
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.
Item purchased | Proportion of UK adults buying item during the pandemic. |
Clothes / shoes | 54% |
Smartphone / tablet | 34% |
TV | 25% |
Garden furniture / equipment | 25% |
Gaming equipment | 18% |
Kitchen appliance e.g. air-fryer, bread-maker | 24% |
Hobby equipment | 19% |
Jewellery | 16% |
Home gym equipment / sports equipment | 16% |
Voice-activated assistant | 16% |
Computer equipment for personal use | 20% |
Tools / carpentry equipment | 15% |
Musical instrument | 8% |
Pizza oven | 6% |
Pedal cycle | 9% |
Sport hobby equipment e.g. fishing, golf | 9% |
Scooter | 5% |
Hot tub / jacuzzi | 5% |
But now millions of UK adults are feeling a twinge of buyer's regret.
The latest Aviva research suggests many of these items are gathering dust, with 9% of buyers saying they no longer use certain pandemic purchases, 11% confessing they used items less than expected and 8% admitting they didn't use them at all. Other items have found new homes, with 8% of people either selling or giving away items purchased during the pandemic.
There are a range of reasons given for making these purchases. Most commonly - for two fifths of buyers - people say that they were going to buy items anyway and they just happened to do so during the pandemic.
However, other explanations include spending more time at home (27%), cheering themselves up (26%) and simply relieving boredom (20%).
Almost a fifth (17%) of purchasers point to having more disposable income after losing out on holidays and social events, while one in eight (13%) say they needed equipment for a new hobby.
Buyers' biggest regrets
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 of purchasers (45%) regretting games and consoles.
Clothes and tools tied for second place at 43%, with home gym equipment close behind for (39%) of people who bought these items.
Home gym equipment is also the item which is most likely to no longer be used, at 49% of purchases made during the Covid outbreak. This is closely followed by musical instruments, with 48% of pandemic-buyers no longer using them.
Item purchased during the pandemic | Percentage of people who regretted their purchase (of people who bought this item) |
Gaming equipment | 45% |
Tools / carpentry equipment | 43% |
Clothes / shoes | 43% |
Home gym equipment | 39% |
Musical instrument | 37% |
Pizza oven | 37% |
Hot tub / jacuzzi | 36% |
Sport hobby equipment e.g. fishing, golf | 34% |
Scooter | 32% |
Garden furniture | 32% |
Jewellery | 32% |
Kitchen appliance e.g. air-fryer, bread-maker | 31% |
Voice-activated assistant | 31% |
Smartphone / tablet | 30% |
TV | 30% |
Hobby equipment e.g. art / crafting | 30% |
Computer equipment for personal use | 28% |
Pedal cycle | 27% |
The cost of regret is also significant. In fact, those who wish they hadn't made purchases spent an average of £1,376 on regretted items - notably higher than the typical spend per person.
And with 10% of buyers admitting they have had second thoughts about these possessions, this adds up to a national tally of £6.6 billion* of lamented spending.
Nicki Charles, GI UK&I Customer & Marketing Director, Aviva says:"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.
"If people have made significant purchases for their home, it's important that they check they have appropriate cover. Many insurers have a single item limit of around £2,000 for items in the home, so if anyone has splashed out on a lockdown purchase, it's a good idea for customers to let their insurer know, in case it needs to be listed separately on their policy.
"Even if items are now gathering dust - and our research suggests many are - they may still be valuable, so it's best to make sure cover is in place, particularly if there's a chance of picking up that hobby again one day."
The third edition of Aviva's How We Live report looks at attitudes across the UK as recorded in October 2021.
-ENDS-
Sources
Findings were taken from a survey of 4,003 UK adults, carried out by Censuswide Research on behalf of Aviva in September 2021.
*Based on ONS population estimates of 54,353,665 million UK adults aged 16 and above.
Media EnquiriesSarah Poulter
Group External Communications
Phone
Email
- sarah.poulter@aviva.com
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Aviva plc published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 10:22:02 UTC.