Brits continuing to support local businesses
The research also reveals that spending on essential items grew 11.4% compared to May 2019 – the sharpest increase since before the onset of the pandemic.
The data shows that spending at restaurants and bars saw respective declines of 53.2% and 19.4% for the month overall, but these were marked improvements on the 74.4% and 67.2% contractions in April.
In addition, the research finds that more holidaymakers either embarked on or booked staycations in May, with resorts and accommodation showing strong growth of 25.5%. This comes as 20% say they’ve already made plans to go on a staycation in the weeks following 21 June, and 18% intend to go on more holidays in the UK.
The figures show consumer confidence in the economy and household finances remains noticeably higher than this time last year, holding up at 35% and 72% respectively, compared to 20% and 67% in May 2020. ■