‘Make do and Mend’ wartime mantra returns as Welsh spending falls dramatically

Consumer spending falls significantly across Welsh households

As Wales continues to battle Covid-19 and a series of fuel, energy and distribution crises, households appear to be battening down the hatches in preparation for a post-pandemic Britain.

The once popular wartime mantra, ‘Make do and Mend’, is once again making a revival in Wales as household spending begins to fall significantly.

The Welsh Retail Consortium (WRC) has published recommendations for the Welsh Government’s 2022-23 Budget amid fear around the dramatic fall (17%) in retail spending, compared to pre-pandemic figures.* Consumer confidence in Wales fell due to the pandemic, which lines up with new data from Quotezone.co.uk that shows a 7.4% drop in the average value of contents insured over the last 12 months – falling from £44,966 to £41,653.

It’s likely that many households will be unpacking last year’s winter clothes instead of buying new, while others will be stalling on bigger purchases, like sofas or TVs until the dust settles. Households in the UK are likely spending less in preparation for an economic downturn, and some will already be feeling the squeeze and making cutbacks as a direct result of furlough ending and the rising cost of household bills.

Greg Wilson, Founder of Quotezone.co.uk, a leading financial comparison platform, comments: “The fact that retail sales in Wales have continued to fall despite restrictions easing, suggests a widespread trend towards reduced spending – not the post-pandemic boom the retail sector was hoping for.

“The 17% drop in spending is significant – but unsurprising. Economic disruption is becoming a daily occurrence as a result of a turbulent 19 months, and while some will be reducing spending in anticipation for Christmas, it’s likely many will be taking a longer-term view of their finances.

“The majority of households are looking to save more pre-winter, making it an ideal time to give finances a winter health check.  A good place to start is to check how competitive suppliers are by not auto-renewing, review direct debits and cancel any luxuries, order in bulk and look to sell or repurpose existing household items no longer needed.

“Comparison sites also help households gather information – they can give an overview of what’s on offer across multiple providers instantly – comparing prices, add-ons and policy features to help them make savings.”

Quotezone.co.uk is one of the UK’s leading financial comparison platforms, helping millions of consumers find better deals on everything from personal loans to credit cards, and from car insurance to home insurance