‘Freedom Day’ spending exceeded pre-pandemic levels

A recent report has shown there was a surge in spending that surpassed pre-pandemic levels on England’s ‘Freedom Day’ on 19^th July 2021.

The latest Lloyds Bank Spending Power report revealed that in the three weeks following ‘Freedom Day’, people spent 53% more on pub and restaurant visits and 41% more on cultural recreational activities (such as museums and attractions) compared to the previous year.

Shopping for clothes saw a 16% rise with a 60% increase in purchases from department stores, and 31% more was spent on electrical goods.

Philip Robinson, PCA, Payments and Fraud & Financial Crime Director, Lloyds Bank, commented, “Spending has now surpassed levels seen before the pandemic struck, as the UK starts to unleash some of their lockdown savings. Shopping online however, a consequence of lockdowns and social restrictions, seems to be here for the long-term as almost a third of transactions are now made on the web, compared to just over a quarter two years ago.

“Consumer confidence appears to be high following ‘Freedom Day’ but the future does remain uncertain and, with autumn around the corner, that confidence will be closely linked with the continued fight against the pandemic.”

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