Trends Report

The Financial Impact Of COVID-19 On UK Consumers

May 14th, 2020
Luis Deya, null
Luis Deya


In response to COVID-19, UK consumers are cutting down spending on nonessentials and relying on their savings, pensions, and credit cards as their primary tools for facing the crisis; only a handful are planning ahead by optimizing their investments and insurance coverage. Those ages 25 to 44, with dependent children, or who have been permanently laid off are the most anxious about their financial situation in light of COVID-19’s economic challenges. UK customers are reducing consumption, postponing big purchases, and delaying important life events — all of which will impact banks’ profits. UK banking executives need to understand these struggles and put customers' financial well-being at the core of their strategy, not only to improve the customer experience but also to future-proof their revenues.

Want to read the full report?

Contact us to become a client

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.