There has been a bank holiday boom in spending reported by Buy Now Pay Later provider, Zilch which saw an uptick of 85% in average spending this bank holiday weekend compared to a usual weekend. Spending also rocketed by over a fifth (21%) compared to the first May bank holiday weekend aligning with the easing lockdown restrictions.
Friday saw the largest spend by far, more than double what was spent on Monday. Saturday was the second highest day for spending, followed by Sunday with spending winding down on Monday. Whether it was for a barbeque in the sun, a family dinner or a hangover meal – food was high in demand. Grocery shops and food deliveries topped the charts with Iceland, Asda, Just Eat, Tesco Groceries, Dominos and Uber Eats all in the top 15 places people spent their money. However, Amazon still saw the biggest spend in total over the course of the weekend, Iceland was next, followed by Asda.
30-35 year olds spent the most with Zilch this weekend, 10% more than 25-30 year olds and around 14% more than 35-40 year olds. Interestingly 18-25 year olds spent less than half of what 30-35 year olds did, though their spending still increased by 10.4% compared to what was spent in the first May bank holiday.
Philip Belamant, CEO and Founder of Zilch said: “As restrictions begin to lift across the UK it’s great to see consumers taking advantage of the well earned bank holiday weekend. Having more to do and more people to see has resulted in a boom in spending across all sectors, particularly the grocery sector. I imagine this had a lot to do with barbecues (or braais as we call them in South Africa) being fired up across Britain, more outdoor picnics, and bigger groups being allowed to gather around the table to share meals.
Zilch’s sophisticated technology and advanced affordability checks enables us to create personalised lending profiles based on a 360 view of consumers financial history- this means we never lend more than a consumer can afford to pay back therefore promoting healthy spending habits and reducing the risk of indebtedness. The cash flow management tool helps people manage their finances and streamline payments not only over a bank holiday weekend, but on a day-to-day basis. Customers have the freedom to order in or spend out, and have access to the credit they need. It’s great to see people invested in quality time with friends and family and exciting to see consumers coming back to our much loved high streets and establishments.”
The innovative fintech is growing at speed, as customers seek alternatives to traditional lending options – they now have over half a million customers. Gen Z and younger generations in particular are fuelling a demand for transparent lending options and Zilch provides an affordable, alternative type of credit with consumer financial wellness at its core. Zilch is at the forefront of a payment revolution which will see responsible credit options open to everyone no matter your financial history.
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