A new study has revealed that UK households are currently spending an extra £361 million a week in supermarkets due to panic buying amid the outbreak of Covid-19.
The study, which was conducted by Blacktower Financial Management, surveyed 1,000 UK residents about their spending habits during the current coronavirus outbreak, with figures based on the average weekly food bill.
Through its survey, the financial management group discovered that UK households are spending an extra £13 a week in supermarkets, resulting in an increase of £361.4 million across the nation.
Results showed that on average Britons are currently buying an extra 21.3% food for their household during the pandemic.
Since new government rules have been implemented in the UK advising consumers to only leave for essential purposes, there has been a shift in consumer behaviour to online shopping, with the study revealing an increase in online purchasing by 25.5%.
John Westwood, founder and group managing director at Blacktower, said: “Supermarkets and a range of ecommerce retailers have been overwhelmed by increased purchasing because of panic buying amid the coronavirus outbreak. During this unsettling time retailers need to ensure food and supplies are well stocked in order to meet with consumer demand.”
Similarly, in the US, online grocery orders have grown approximately 123% year-on-year, with consumers choosing to order food online in response to the coronavirus pandemic, according to new research by New York-based food-tech firm Chicory.
Due to panic buying amid the current coronavirus outbreak, earlier this month the UK government relaxed trading laws and competition regulations in an attempt to allow supermarkets to work together.
© FoodBev Media Ltd 2019