There are still many variables and unknowns in the UK that we have to consider, to be able to accurately predict what is likely to happen in the last quarter of the year.
Retail has been hit hard over the past few years with consumers valuing experiences over ‘things’. This, combined with limited innovation within new technology products, has lead to the tech and durables market experiencing declines for the last few years.
However, UK lockdowns, social distancing and travel restrictions have disrupted our usual habits within discretionary spend. We haven't been able to socialise to the levels we’re used to, or spend money on experiences as we normally would within the travel and the hospitality industries.
This has led to consumers shifting back to investing in tech again – especially tech that enables communications or social experiences from home.
The latest localised ‘lockdowns’ are likely to continue this trend, with consumers potentially cheering themselves by diverting money that they can't spend as they normally would towards treating themselves to some new tech ahead of Christmas.