Savings habit reversed as Britons splurge on pubs and hairdressers

Spending by Britons on “Super Saturday” jumped 50pc, as people splurged the savings made during lockdown  at pubs, bars and hairdressers, according to data from bank Revolut.

Its average user spent £41.24 on Saturday July 4, the first day pubs were allowed to welcome in customers 105 days after shutting.

This was 53pc higher than a typical day during lockdown, where they spent £26.87. It was also 16pc more than its three million users were spending prior to lockdown (£35.53).

The post-lockdown spending spree could reverse good savings habits picked up while people were told to stay at home. Data from money management app Yolt showed its users saved 44pc more on average in May than they did in February.

Pauline van Brakel of Yolt said: “People need to find the right balance between supporting their favourite businesses, without breaking their budget, overspending, or eating into their savings.”

The rebound in spending on Super Saturday was led by a surge in personal grooming as people flocked back to barbers and hairdressers, Revolut said. Its users spent more per haircut than they did prior to lockdown. The average transaction at a hairdresser on Saturday was £37, compared with £34 before March 23. 

Spending at the pub was also up. The average pub-goer spent £23 and bought between one and two rounds on July 4, compared with £24 on the pre-pandemic average night out.

Consumers were less keen to rush back to restaurants. Overall spending on dining out was around half (47pc) of what it would have been on an average Saturday evening. 

The data also tallies with figures from Barclaycard, the credit card brand. It found spending by customers in pubs and bars on July 4 and 5 was three times higher the previous weekend when they were only offered take-away drinks.

During the first three months of the coronavirus crisis, Britons managed to save an average of £581 each, according to research by stockbroker Hargreaves Lansdown. It also found a third of people planned to continue spending less on going out and impulse purchases once lockdown ended.

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