LONDON, Sep 17 (Reuters) – According to a study by personal finance startup Credit Karma, around 70% of Britons say shopping online and via mobile has become their preferred method of shopping, down from less than half before the coronavirus Pandemic.
The study, which was not previously reported, surveyed 1,034 adults in the UK in July to assess how digital spending and banking habits have changed since the COVID-19 restrictions began.
More than half of those surveyed said their online shopping had increased since the pandemic began, and more than a third of those said their finances had suffered as a result.
“Healthy consumer spending, whether online or otherwise, is generally a sign of a healthy economy that can be beneficial to the marketplace,” said Ziad El Baba, general manager for the UK and Canada at Credit Karma. But “Shopping online can make the purchase of an item much less tangible for shoppers, making it easier for them to spend more than if they were shopping in a traditional physical store,” he added.
COVID restrictions have benefited various areas of digital finance, such as: Around 60% of those surveyed stated that they had started to buy now during or after the pandemic and to be able to pay later.
Online equity and crypto investments also saw growth, with more than half of respondents saying they used these services during and after the pandemic.
While the British were already using online and mobile banking before the COVID-19 lockdowns, the pandemic may have accelerated the shift 19% before 2020.
Reporting by Anna Irrera; Editing by Cynthia Osterman
Our standards: The Thomson Reuters Trust Principles.