04 Nov 2020

Nationwide sees peak in spending as lockdown looms

With the impending lockdown, Nationwide has been seeing a peak in spending

  • Nationwide Building Society’s spend data show that 1st and 2nd November, the days following the lockdown announcement, have been the busiest Sunday and Monday shopping days by volume in 2020
  • Members made 5.0 million transactions on Sunday, which is up 13% when compared to an average Sunday this year
  • Members made nearly 5.7 million transactions on Monday, which is up 11% when compared to an average Monday this year
  • Even Tuesday was busy as members made nearly 5.7 million transactions, which is up 9% when compared to an average Tuesday this year
  • The number of transactions is up c1 million each day when compared to the same days last year

Mark Nalder, Head of Payments at Nationwide Building Society, said: “Our data show that the nation has increased spending to the highest level this year across a number of areas in recent days, including supermarkets, retail stores plus bars and restaurants. The reasons behind this are no doubt due to the impending second lockdown forcing many people to shop while they still can, particularly with Christmas being just around the corner. In recent weeks spend has steadily increased and stabilised after the first lockdown and we fully expect in store spend to dramatically drop in the coming days as people heed the warnings to stay at home. However, while we expect online spend to increase in the next few weeks it will not offset the income retailers would have earnt had shops been open.”