New research by YouGov for home insurance leader Paymentshield has revealed the big-ticket items people across the UK have purchased during the past year during lockdowns.
While electronics and home entertainment unsurprisingly topped the table, just behind them at 10% was home gym equipment.
A high proportion of adults across the country have been investing in their own fitness gear like treadmills and spin bikes, which indicates how much our relationship with our homes has changed since Covid-19 first impacted on daily life.
This year, Paymentshield and other supporters of National Conversation Week are urging people and their advisers to have a financial review, given the high likelihood of major changes in their circumstances as lockdown restrictions ease further.
The YouGov research was commissioned in advance of this year’s National Conversation Week which examines the theme of the home and runs from until Friday, June 11 2021.
Jennifer Ripley, head of marketing at Paymentshield, explained: “The huge surge in home gym equipment purchases is not entirely unexpected, but it does represent a shift in the profile of many people’s home contents and its important these are properly protected.
"Since it is our job to protect people’s homes and the most important things in them, we wanted to know how people had spent or invested money, made improvements or additions to their homes and contents, and made lifestyle changes to focus more around their households – so we can continue to adapt our products and services to best support those people."
The purpose of National Conversation Week is to encourage people not to be afraid to talk about money and to seek the right professional advice around every aspect of their financial wellbeing.
Brian Brown, Defaqto’s Head of Insight for Banking and General Insurance added: “This consumer research is another indication of how people’s relationship with the home may have changed.
"Covid-19 has forced consumers to find new ways of living in homes that have taken on more sentimental and financial value.
“With that, purchasing decisions have become increasingly important, and advisers are well positioned to help by providing their clients with holistic financial advice.
"Armed with product cover details and Defaqto Ratings, advisers can determine what constitutes “best” for the client depending on their needs, helping them to make a more informed decision that looks beyond just price.
Top 10 list of what consumers bought since March 2020
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Gadgets or electronics – 22%
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TV – 13%
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Games console – 11%
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Gym equipment – 10%
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Jewellery or watch – 10%
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Bike – 6%
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Expensive equipment to support a hobby (e.g. photography equipment, a musical instrument) – 6%
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Pet – 6%
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Garden shed – 5%
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Art or antiques – 3%
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