Consumer spending stabilized over the rest of 2020 and the start of 2021 driven by the recovery in confidence spending
According to N26 research, between the first lockdown in mid-April and the second lockdown in November, customer spending in Germany rose 42%.
In fact, consumer spending in Germany is now 85% compared to what was before the pandemic, making Germany the economy that is closest to a complete recovery just over one year on.
Interestingly, across all markets, French customer spending increased the most between the two lockdown periods.
After an initial drop to 50% of pre-pandemic spending in the first lockdown, this bounced back to 80% in the second lockdown, revealing a 60% increase over the year.
Since the start of 2021, spending recovery across the markets has stabilized and stayed at similar levels ignoring minor levels of fluctuations.
The infographic below presents the spending recovery between the first and second lockdown in 2020 across the four main European markets studied.
We’ve reported that online purchases accounted for over $900 billion in online retailing last year.