2 April 2020, LONDON –
Three in five Brits (60%) admit to stockpiling or panic buying to prepare for the UK going into lockdown, according to personal finance comparison website finder.com. This is equivalent to 31.2 million of us.
The average Brit spent £57.09 on stockpiling items from toilet roll to pasta, meaning that a total of £1.8 billion was spent.
Hand sanitiser appeared to be the item stockpilers and panic buyers were struggling to get their hands on most, as almost two in five (38%) were unable to buy alcohol-based hand gels.
Dry goods such as pasta and rice were the second most scarce items, with over a quarter of stockpilers and panic buyers (26%) struggling to get their hands on these products. Medical supplies such as paracetamol and thermometers were also in low supply, with 23% of Brits experiencing empty shelves when looking to buy these items.
The items bought most frequently were canned goods, with three fifths of stockpilers (59%) admitting to spending on these products. Next up was toilet paper (56%) and crisps (52%), with just over half of panic buyers purchasing the savoury snack.
Similar numbers of men and women admitted to stockpiling (59% vs 60%), but men spent an average of £69.16, which is 51% more than the female average spend of £45.78.
Residents in Wales stockpiled the most with two thirds of the population (66%) admitting to doing so. However, it was Londoners who forked out more than any other region, with an average of £104.95 being spent by those living in the capital.
East Anglia’s residents were found to have stockpiled the least, with just over half (53%) admitting to panic buying. Similarly, these residents spent less than any other region with an average spend of £29.50.
Over two thirds of generation X (67%) admitted to bulk buying items, making this the generation that stockpiled the most. Interestingly, millennials spent the most, with the average millennial forking out £91.94.
The silent generation participated less in stockpiling and panic buying than other generations, they also spent the least. Less than half of this generation (49%) stockpiled and only £22.23 was spent on average.
To see the full research, visit: https://www.finder.com/uk/coronavirus-stockpile-spend
Finder commissioned Onepoll on 26-30 March 2020 to carry out a nationally representative survey of adults aged 18+.
A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).