Consumer Pulse Wave 3

The financial impact of COVID-19 preventative measures continues to be significant and broadly felt as three out of five UK consumers (61%) are currently being impacted financially.

Approximately 13% of UK consumers being impacted lost their job during this most recent week of the pulse study, which is consistent with last week. However the rate for job loss among Millennials increased most noticeably week-over-week from 12% to 19%.

Concern over being able to pay bills and loans remains high for those being impacted, especially for Millennials and Gen Z consumers, with 79% and 73% of these generations concerned, respectively. This compared to 63%for Gen X and 39% for Baby Boomers.

A lower number of impacted consumers indicated they don’t know how they’re going to pay their bills (11%) compared to last week (15%), and the week prior (23%). One in four of those impacted plan to pay a partial amount that they can afford, but not the whole balance.