- Rumors of fuel shortage made many panic buying petrol and diesel
- The crisis has also led to an increase in expenditure on energy.
- Expenses in shops and commuting have also increased in the last two weeks.
Britons spent a fifth more on household energy and fuel over the past fortnight, new research has shown.
a distribution crisis for There was panic among many in buying fuel in petrol and diesel and the ongoing energy crisis has affected households as well.
People spent 24 percent more on energy and paid 20 percent more for fuel in the past two weeks than two weeks ago, according to the latest analysis of Lloyds Bank customer debit card spending.
It provides a comprehensive snapshot of spending as one of the UK’s largest current account providers.
Fuel and energy purchases have increased in the last two weeks due to fears of shortage
Fuel spending peaked on 24 September after BP, one of Britain’s biggest petrol station operators, said many of its premises were closed.
This date was also when Lloyds Bank records saw the highest amount spent on fuel in a day since the start and was 125 per cent higher than the same day in 2019.
The rush of people buying fuel was likely due to fears of a petrol shortage as BP announced that several stations had to be closed due to a shortage of lorry drivers.
While there was enough fuel to go around, there were not enough workers to distribute it, leading to many people queuing for miles to buy petrol and diesel.
The East Midlands saw the biggest increase in fuel spending in the past two weeks, with purchases rising 24 percent in the two weeks before.
This was followed by the West Midlands with a 23 percent increase and the Southeast with 22 percent buying.
Wales and Scotland saw the lowest growth of 14 per cent and 15 per cent, respectively, followed by London and the South West at 19 per cent.
However, there are indications that fuel demand is easing. Weekly spending across the UK fell by 31 per cent and the number of transactions dropped by 20 per cent.
This is especially true in the north of England, with fuel spending down 40 percent in a week in the North West and 39 percent in the North East.
Only three regions, across the south and east, saw a decline of less than 30 percent.
Londoners spending on fuel declined by just 20 per cent, the lowest of any region, followed by the South East at 21 per cent and the East of England by 25 per cent.
Meanwhile, the amount spent on the card on household energy rose 24 per cent over the past two weeks, as cold weather and rising energy prices gripped the UK.
Rise: Many people are spending more on their energy after the UK crisis caused prices to rise
Energy spending is now 14 percent higher than in the same two weeks in 2020.
Despite potential pressure on family finances from fuel costs and energy prices, spending on the high street has risen significantly over the past two weeks compared to two weeks ago, perhaps indicating that shoppers are getting an early start on Christmas gifts. .
This could also be due to rumors of stock shortage this year, again due to a lack of delivery drivers.
Spending on clothing increased by 22 per cent, while department stores increased by 14 per cent and electricity shops by 5 per cent.
In addition, some supply chains were under pressure with suggestions that supermarket spending rose 6 percent.
Passenger spending has also increased by 12 per cent over the past fortnight, with Wales increasing the most at 9 per cent, followed by the North West at 7 per cent.
Those in the East saw the smallest jump of 3 percent, while Scotland and the South West saw only a 4 percent increase.
There have also been changes to the recently announced travel rules, which has led to an 8 percent jump in bookings at holiday agencies and a 6 percent jump in airline spending in just two weeks.
During the same period, bookings of cruise liners have also seen a growth of 3 per cent.
Philip Robinson of Lloyd’s Bank said: ‘Following an initially incredible spike in late September, where fuel spending was highest, over the past week, card payments at petrol stations have declined, particularly in the northern and western parts. UK.
‘However, driven by rising prices and colder months, household energy spending continues to rise, up 13 percent in the past week alone.
‘With that in mind, now is a great time to sit down and reflect on your personal finances before Christmas 2021.