VIEWPOINT
A Polarising
Pandemic
– What It Means For Sliders And BiFolds By Russell Yates, Managing Director, AluFold Direct We’re finally emerging from what I’ve seen described as a ‘polarising pandemic’ – one in which high-income households increased their savings and reduced their debts, while low-income families increased debts and reduced savings. 38 WINDOW NEWS | MAY 2022
According to the Resolution Foundation, 47% of those on the highest incomes saved at least 10% more during the pandemic than they would normally and 17% saved at least 25% more. They were twice as likely as those on the lowest incomes to have reduced debt and significantly more likely to have reduced household spending. The end
result is a £266bn savings mountain, largely concentrated in the bank accounts of the better off. We all know that there is a costof-living crisis looming in the UK, with food and energy costs rocketing, inflation expected to hit at least 7% by the Spring, and the Russian invasion of Ukraine already making things considerably worse. This is bound to put a dampener on consumer confidence and spending, and I think there will be a significant impact on demand for mainstream mid-market products, as household budgets start to be squeezed. However, just as there was throughout the pandemic, there will be winners and losers once again.
