Consumer behaviour has changed irrevocably over lockdown, with increased online activity and media consumption a key driver in the way we’re now purchasing products and services.
Despite the impact COVID-19 has had on the country’s employment and economic stability, internet sales show no signs of slowing down, accounting for 28.1% of retail sales in July – an incredible seven percentage points higher than the 2019 peak of 21.5% in November.*
Experts believe that dramatic changes to spending habits and lifestyles will give rise to a demand for new insurance products across the UK.
Retail purchases for at-home entertainment has shown particular growth this year, with more people obtaining new equipment or gaming technology to create effective office spaces or to satisfy their need for indoor leisure activities.
Yet by increasing the value of your home or its contents, many policyholders are putting themselves at an unknown risk by failing to update their providers and policies on high-value additions to the house.
We have invested £55 billion as a nation on DIY projects around the living room, bedroom and kitchen since March – with gardens the most popular renovation project over summer.
On average, this means UK homeowners have put £4,035 into making their property more accommodating for an extended lockdown homestay.
As it stands, the majority of Brits will have found that it was not a requirement to contact their insurer about working from home back in March, as this was an allowance by the Association of British Insurers.
In effect until 31st October 2020, policyholders who are set to continue working out of the office from this point are being encouraged to check in with their insurer regarding cover for the remainder of the year.
Meanwhile, with the outbreak having an impact on driving behaviours, car purchase patterns and road usage, many policyholders are now in a position where they could see savings on their personal or fleet vehicle policies.
If your circumstances have changed – whether in relation to your employment, personal financial conditions or commercial requirements as a business owner – we urge you to contact our brokers directly to ensure you’re protected against future losses.
