Lockdown: who were the Winners and Losers?

Date Published: 23/07/2021 08:08

Some businesses have prospered during the pandemic - while others have undoubtedly struggled. Here, Future Life Wealth Management's director of operations, Keeley Woodcock, casts her critical eye over what we've learned... 

Bike Shops: 2020 was nicknamed the Year of the Bike as people endeavored to stay fit - and sane - during lockdowns.

With public transport often unreliable with increased risks of contracting COVID-19 putting people in close proximity to one another, key workers turned to bikes to get to work.

This meant that bike shops were classed as “essential” and enjoyed a consequent boom in sales. 

Pubs, Restaurants and Bars: The UK economy reduced by 9.9% in 2020 – the biggest fall since the Great Frost of 1709 – and nowhere was this felt more harshly than in the hospitality sector.

Brit’s vast “accidental savings” have been big news – and a considerable proportion of this came from not eating out, socialising or going to the pub.

Even now - with 'Freedom Day' behind us - many places are still struggling to re-open with so many staff having now left the hospitality sector. 

Pet Shops: A major challenge of lockdown for many people was loneliness.

Pet ownership has surged over the last 15 months, with 3.2m households getting a pet during lockdown.

59% of the new pet owners were under 35, with 74% of those surveyed by the Petfood Manufacturers’ Association saying getting a pet had helped their mental health. 

UK Tourism: For any business that relied on tourism 2020 was a desperately challenging year.

As country after country imposed restrictions, total visits to Britain fell by 76% from 2019 to 9.7m.

Total inbound spending dropped by 80% to £5.7bn and total domestic tourism was down 62% to £34.4bn. 

Boris Johnson has commented that travel will finally be ‘back to normal’ in 2022; let’s hope he’s right, hey! 

The UK Video Games Industry: Obviously you can’t be on Zoom or Microsoft Teams all of the time and - unable to go out during lockdown - huge numbers of the UK public turned to video games both for gaming and to connect with friends and family.

Overall, the UK games market was worth £7bn in 2020, up 30% from 2019, with hardware sales up 61% and software sales up 18%. 

The High Street: Deserted high streets up and down the UK meant that 2020 was the year when several household names – including Debenhams, Edinburgh Woollen Mill and Laura Ashley – collapsed into administration.

The UK lost 11,000 shops in 2020 which was devastating and it is estimated that a further 18,000 might close this year.

You suspect that whatever initiatives are launched, the UK high street will never be the same again. 

To conclude: We could all make our own list of winners and losers...

Amazon and home-baked bread were clearly winners.

Cash – as we all paid with our phones – and a great many airlines were on the opposite side of the fence.

Moving forward, let’s hope we’ll soon be able to report comprehensively on the biggest winners of post-lockdown Britain.

Contact Us

Future Life Wealth
Management Limited,
Future House,
54 Ravenshorn Way,
Renishaw, Sheffield S21 3WY

+44 (0) 1246 435 996

Opening Hours
Monday - Friday 8.30am - 5.00pm

Legal Information

Future Life Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority
The Financial Conduct Authority does not regulate taxation & trust advice
We are entered on the The Financial Conduct Register No 509960 at www.fca.org.uk/register
The Financial Ombudsman service can be found at www.financial-ombudsman.org.uk
Registered in England No. 07036892 Reg. Address: Future House, 54 Ravenshorn Way, Renishaw, Sheffield S21 3WY
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
The value of your investment can go down as well as up and you may not get back the full amount invested.
Your home is at risk if you do not keep up with your mortgage repayments.
Equity release is a lifetime mortgage or home reversion plan.  To understand the features and risks please ask for a personalised illustration. 
We do not offer advice in relation to home reversion plans.
The tax observations contained in this website are made in good faith and are based on our understanding of current Revenue and Customs regulations. We cannot accept any responsibility for any future regulation that may retrospectively happen.