A new study of the financial habits of 70,000 users of the money app, Yolt, has quantified the impact COVID-19 is having on UK adults.
Between February (pre-lockdown) to April this year, Yolt users have dramatically increased their spend on online gaming platforms and streaming services. Nintendo has been the largest beneficiary, with Yolt users increasing their average spend on games and hardware by 355%, followed by PC gaming platform Steam (251%), Sony PlayStation (158%), and Microsoft Xbox (137%).
Digital TV and music streaming services have also benefitted from housebound Brits. Between February (pre-lockdown) and April, spending among Yolt users on subscriptions increased, on average, by 9% on Netflix and 20% on Amazon Prime and – since it launched in March – user spend on Disney+ grew by 138%.
Fast facts (Between February and April 2020):
- Average spend among Yolt users on gaming platforms grew significantly, compared with before the start of the UK’s lockdown
- Nintendo games and hardware increased 335%
- Steam more than doubled by 251%
- Sony’s PlayStation network jumped by 158%
- Microsoft’s Xbox live grew by 137%
- The trend for digital services extended beyond gaming, as Yolt users increased their average spend on digital TV streaming services:
- User spend on Disney’s latest venture, Disney+, increased by 138%, since its launch in March
- Average user spending on Netflix grew by 9%, along with a 20% increase in Amazon Prime subscriptions, between February and April
Yolt has recently launched its ‘Lockdown hub’, to share insightful blogs, guides and hints & tips style content on how to manage your finances through these uncertain times.
Pauline van Brakel, Chief Product Officer at Yolt, comments:
“Covid-19 has caused upheaval in all our lives and UK consumers are having to adjust their lifestyles, in light of the government’s guidelines on social distancing.
Our data shows that as the lockdown restrictions continue, we’re finding new ways to keep entertained, such as discovering new TV programmes or rediscovering our enthusiasm for gaming. Yolt is a brilliant tool to use to not only keep track of your spending and saving efforts during lockdown, but also to manage any new subscriptions you may take out during this period.”
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